The Market is Up, But Apple Isn't?
It’s true, and for those watching the key 50 day moving average, they’re a little worried.
The Dow is up nearly 100 points in late afternoon trading with the S&P and NASDAQ up nearly double digits but Apple (NASDAQ: AAPL) is down nearly half of a percent.
Piper Jaffray’s Gene Munster said that he expected a modest dividend increase in late April and Oppenheimer lowered its price target from $600 to $550 but other than that, it’s the same old Apple chatter.
The good news: no technical damage. Apple is still above its 50 DMA and volume is low. The bad news: bulls want to see follow through from the recent move through the 50 day.
The low volume tells traders not to read much into Tuesday’s price action. Stay patient and remember that Apple outperformed the broader market on Monday.
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