Market going to take a “Bite out of the Big Apple?”

One stock does not make a market....yet if their was one stock that could send a major market signal...could Apple be the one???

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Apple almost doubled in price since the lows of 2/2010.  Now a support line drawn from those lows is being put to a key test at (1). 

IF this support line is taken out, which it HAS NOT at this time  (SUPPORT IS SUPPORT UNTIL BROKEN).... this Wall Street favorite could see a good deal of sellers step forward to lock in profits.

Below is a chart published on dshort.com this past Friday evening, reflecting that the Semiconductor Index has been a decent leading indicator in both directions for the past couple of years.

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With the Semiconductor index reflecting relative weakness of late, what Apple does on support becomes all the more important!

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One Comments

  1. Apple is going to build a huge campus complex, the Apple Mother Spaceship…an Omen perhaps?