A Bite Out Of The Apple
Apple Inc.(NASDAQ:AAPL) is one of the most highly followed and loved stocks by traders and investors. This morning, the innovative tech giant is coming under major selling pressure. The stock is trading lower by $8.12 to $312.07 a share. The stock has been under pressure since April 21, 2011 when it traded as high as $355.13 a share. Traders can watch for two important intra-day support levels. The first important support level is around the $310.50 area. That level was just tested a few minutes ago and is holding up so far. The second important intra-day support level for AAPL stock will be around the $300.00 area. Apple Inc. is the second largest stock in the United States with a market capitalization of $290 billion. The only stock that has a larger market capitalization than AAPL is Exxon Mobil Corp.(NYSE:XOM). Exxon Mobil's market capitalization is around $390 billion at this time.
Other leading tech stocks that are trading lower this morning include Research In Motion LTD.(NASDAQ:RIMM), Google Inc.(NASDAQ:GOOG), and Netflix Inc.(NASDAQ:NFLX). When the leading technology stocks trade lower together it is very difficult to try and pick the lows. Often when one of these leading stocks rally higher the other leaders will usually follow.