Apple Consolidates After A Few Rotten Days

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Apple Inc

shares are unchanged at $115.13 in Friday's session. The issue is poised to close at its lowest level on a weekly closing basis since mid-January before its run-up following a blowout Q1 earnings report to its all time high ($134.54). After a two day route on Monday and Tuesday, taking Apple from last Friday's close ($121.30) to Tuesday's close of $114.64, it has been able to stabilize over the last three days. The sharp decline finally found support on Wednesday, when the Street faded a Bank Of America downgrade from Buy to Neutral, as it found support $112.10 off Wednesday's weak open. It rebounded to end Wednesday's session at $115.40. Now it has found a trading range in which to consolidate in before its next big move. Evidenced by tight trading range on Thursday ($114.11-$116.50) and reinforced by today's even tighter trading that has not exceeded either Thursday's high or low as Apple has stuck in a $114.50-$116.25 range with over one hour remaining. If Apple closes in the $115 handle today, it will mark the third day in a row after a volatile week.