Apple off 10% from high; approaching 50-day moving average

Keep a close eye on Apple… the stock has now corrected more than 10% from it’s recent all-time high of $644 to the current $576, or by more than 10%.  The 50-day moving average is around $558, and we are getting pretty close to that level.

Stocks overall are up today, even though Apple is down by almost 2% today so far.  However, we are off of the day’s highs, and could easily close lower today.  Also keep an eye on the Dow… we broke below 13,000 earlier this week, then reversed above it, only to close once again below 13,000 yesterday.  We are at 13,037 currently, and if we slide to a close below 13,000 today, investors and particularly technicians may question the market’s ability to resist a correction in the short-run.

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