First Goldman, Now Apple?

A couple of weeks ago, we noted that Goldman Sachs had been uncharacteristically underperforming the market.  Throughout the rally, both Goldman and Apple had been market leaders, but Goldman was curiously left behind as the S&P 500 hit new highs in November.  Now it looks like Apple is beginning to do the same.  Since peaking in mid-November, Apple has been struggling, and it is getting close to breaking below its 50-day moving average just as the overall market attempts to make new highs once again.

The S&P 500 is on a 3-day winning streak, but Apple (AAPL) is on a 6-day losing streak.  Apple has had 36 prior 6-day losing streaks in its history.  As shown below, the stock has typically rebounded on day seven, averaging a gain of 1.02% with positive returns 69.4% of the time.  Lots of Apple shareholders will have their fingers crossed for the losing streak to end tomorrow, especially with the 50-day so close.

 

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Comments

[James]

Apple peaked in October, not November. And it broke its linear uptrend from March yesterday on above average volume.

[Paul Hickey]

Good point James. On an intraday basis, Apple did peak in October. For this analysis though we used closing prices, and on a closing basis, Apple peaked in November.

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