The biggest news from earnings weren’t the revenue numbers, but rather the somewhat staggering $137 Billion hoard of cash on hand  – technically speaking, enough to buy Visa, Pepsi, or even Citigroup.

For every $10.60 Apple’s share price drops, the company loses $1B in market capitalization.  At the time of writing, shares are down $11.61, or over $1.25 B for those who like to track such things.

Apple closed out 2011 at $405 and hit all time high $705 in September before essentially going parabolic downwards until November when it began trading in a  $500 to $600 range.  After a similar move downward following the recent earnings report, it seems likely we will see the $429.78 and $409.05 supports tested in the very near future.

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John Voorheis
john@keeneonthemarket.com