AAPL - breakout...and a reversal ?

Apple (AAPL) lead the indexes lower today, closing lower by $8 to $656. A very minor decline, but it was a reasonable reversal from the morning new historic high of $674


AAPL, daily

Summary

First downside target - which could be hit as early as late Wednesday, is the 10MA of $635. Certainly, there is a high likelihood of some kind of bounce around that level. The big 50 day MA of $600 will provide very good support in the days ahead.

AAPL remains a great company, and without question is 'cheap', relative to the main market.

Primary price trend remains UP, so..shorting the AAPL is not exactly the best of shorts right now, never mind the very good fundamentals.