INSTITUTIONS SOLD APPL ABOVE $600 AND WILL WAIT TO BUY BACK IN $400 RANGE
Appl has significantly moved up from $405 to $705 this year and lost its momentum due to year end tax selling which will continue into rest of the year. Appl will be sold off to take advantage of the lower capital gain taxes this year before tax increases will be in effect into next year. Institutions will load up appl when it fills the gap up from $420 to $454 on 1/25/2012.
during gap fill appl will retest key support area of $370 before making any meaningful upward move. Take profits if you can before its too late.
Humans are fascinating.
Listen to what you are saying. AAPL at $370 is a P/E in the 9s
Just like tulipmania and the internet stock boom people who are gloomy about AAPL have become disconnected from reality. People made money during tulipmania--that doesn't mean a tulip bulb was really worth $60k. People are making money shorting AAPL at 530, but it won't last.