Overnight AAPL traded down to about $121, losing about $60 billion in capitalization. Perhaps it was this odd lot trader from Papua New Guinea who got taken out of his 1 share stop-loss order. Perhaps there was real demand/supply. Whatever the case it demonstrates that a single trade resets the value of everybody’s holdings; you can get killed on no volume!
On April 28 we suggested this stock was really a sell, no ambiguity. Our friends in Gainesville followed suit a few weeks later with the exact same chart with the same triangle shown . We now have 3 tops at roughly the same distance from each other. They are about a dollar apart with the one in the middle the highest. This fits the very technical concept of a “rounding top”. In that situation the way down reflects the way up. That is not typically how it works as the downward path is normally much steeper, taking about 1/2 the time or even less..
AAPL missed by one million on 50 million units sold and 1 billion on 50 billion in sales. If my math is right that is about 2% which is why the stock is down 8%.