Apple Is Leading The Market Lower
This is pretty fascinating, but Apple (AAPL) is actually leading the market… lower. I wrote a post for Seeking Alpha at the end of last week how Apple had closed below its 200 day moving average for the first time since early 2009. Since the stock stopped making new highs a few months ago it has basically led the stock market lower. How significant is this? Well, it’s not 100%, but it’s definitely significant. Apple has been viewed as a major market mover and leader for some time, and it’s easily the most followed stock by the masses. Today with the broad averages up slightly, Apple is down almost 2% as of writing this. With Apple heading lower, it’s hard to be buying the broad market right now if you’re a trader. Continue to watch the Apple indicator.