AAPL, daily
AAPL is in day'5 down...another 2-3 days of decline would be pretty reasonable to expect in what is a long awaited correction.
We did see a brief foray into the 570s today..and I'd guess we will probably touch the 50day MA, which by Friday will be around the 565 level - where there is also a gap from early March. Whether we can break into the 540s (where a soft trend line is)...we'll just have to watch patiently.
AAPl remains a pricey stock, but on valuation terms its still cheap (around 40% discount to main Price/Earnings) compared to all the other nonsense out there. It remains somewhat depressingly lame that traders/clown channel media still get so obsessed about the nominal price of a stock, rather than its actual valuation - whether based on earnings, book value..or whatever.
I can only hope AAPL will do a stock split sooner, rather than later. Maybe the recent move by the GOOG will have inspired them a little.
