By Nicholas Santiago on March 2nd, 2010 12:58pm Eastern Time
Apple Inc (NASDAQ:AAPL) has come a long way from the early the 2000's when it traded around 5.00 to 10.00 dollars a share. This company has reinvented itself more than any technology company in the past ten years. Apple Inc has proven itself to be more than a one trick pony as compared to other tech companies, Dell Inc (Nasdaq:DELL), or Hewlett Packard Co (NYSE:HPQ).
Apple Inc is a company that has come a long way from the original Macintosh Computer. They are now revolutionizing the cell phone business, music industry, and even the computer industry. They seem to reinvent the market place every year with a new and exciting idea. Apple Inc has become iconic and it is what someone thinks about when you mention pop culture.
Now everyone knows Apple Inc is a dynamic and exciting company, however, the stock could be painting a different picture. Much like the overall market Apple's stock pulled back in January after breaching the 215.00 level. On January 29th, 2010 the stock found a low around 190.00 while the S&P 500 made a low on February 5th, 2010. This is telling us that Apple Inc (Nasdaq:AAPL) is leading the market and not following the market.
The next big test for AAPL Inc will be at the 216.00 level which was the January high. Often a stock of this size and beta could trade slightly higher than that level before finding resistance. Therefore, the 220.00 level could be in the cards as an important resistance level and likely pullback area. Apple Inc should also be watched around the time of any new product releases as the stock has a tendency decline around that time. This happens because it is a typical 'buy the rumor and sell the news' type event.
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