AAPL At Risk Of Erasing Earnings Pop
Apple Inc. (NASDAQ:AAPL) is at major risk of erasing the earnings pop. The stock shot up on quarterly earnings results, jumping from $560.28 to $618.00. Since that initial pop on earnings Apple has fallen almost every day.
Today, Apple is resting on the daily 50 moving average at $583.49, -2.49 (-0.42%). A close below this level would dictate a continued down move to $560.28 and possibly lower. While analysts were cheering the earnings results and upgrading the the stock north of $900 per share, smart investors were staying away due to an over hyped story and extended chart. Staying away from Apple above $600 was the right move. Here at InTheMoneyStocks we advised our members to stay away as the hype was just too large. This proved to be the correct trade.