Levels to Watch: The most important level is $526.20, which was the recent all -time high, when it made a parabolic move and reversed to the downside.
50DMA-$449.99, 100 DMA -$420.73, 200 DMA- $392.73.
Support 1-$500.35
Suppor t2-$483.57
Chart Glance: When stocks like Apple go parabolic, volatility is expected. AAPL is a great stock to trade, because the swings are so big, but always defining risk vs reward is how we trade at KOTM. (See Disclaimer)
Apple’s stock market value passed the $500B mark for the first time Tuesday night. Supposedly, the iPad3 will have retina display, Siri voice recognition, and 4G connection. Yesterday, Apple’s market cap surpassed the entire semi index and is very close to being larger than the retail sector. Also, there is a rumor Apple will come out with a 14-inch MacBook air. Finally, Mercedes-Benz said to integrate ipad/iphone software in A-Class Line.
By Greg Zimny