Apple Trading Down 1%

Shares of Apple

have been pulling back from all-time highs hit earlier in the week. The catalyst for the sell off has been an earnings miss when the company reported on Tuesday. Shares have lost more than 7% this week, and the stock is close to hitting a support level at $390, losing around 1% on Friday to $391.54. Despite the fact that Apple missed earnings estimates, their forward looking guidance was above the Street, which is actually rare. Apple is normally very conservative when giving guidance. If the market continues to be strong, AAPL has a good shot at breaking above the recent highs heading into the December quarter, which should be very strong.