Apple Flatlining; Attracting Heavy Volume

Apple

shares briefly touched the $600 level on Thursday morning, and it appears as if some traders are taking profits in this area. After hitting $600 yesterday, the stock fell on heavier than usual volume. On Friday, AAPL is hugging the flatline, and is also attracting heavy volume. Around 21.7 million AAPL shares have traded hands on the session compared to an average of 17 million. It is likely that many traders are using the release of the iPad 3 as a reason to sell. The old adage is "buy the rumor, sell the news" and AAPL has tended to pullback on product releases in the past as the stock runs up into the release date.