As U.S. stock markets struggle to resume their uptrend, Apple Computer (Nasdaq:AAPL) charts could hold the key to the future.
Apple Computer (Nasdaq:AAPL) has been the 900 pound gorilla on the global investment stage for quite sometime as the world’s largest company by market capitalization.
Apple (Nasdaq:AAPL) throws around a market cap of more than $500 billion and makes up 12% of the Nasdaq Composite, twice the weighting of #2, Microsoft. (Nasdaq:MSFT) Looking to the S&P 500 (NYSEARCA:SPY) we see that Apple makes up 4% of that venerable index as well as 20% of the leading Powershares QQQ (NYSEARCA:QQQ) which tracks the Nasdaq 100.
Apple Computer (Nasdaq:AAPL) is clearly a great example of a gorilla throwing its weight around and so Apple’s recent decline caught everyone’s attention as the stock fell sharply from approximately $700 to the mid-$500s, bottoming out at closing low of $525 on November 15th.
In the last six trading days, Apple (Nasdaq:AAPL) has staged an impressive rebound with a gain of 17% to close just below $590 on November 26th.
So is all well with Apple (Nasdaq:AAPL) and the world?
Maybe, maybe not.
chart courtesy of StockCharts.com