Apple appears to currently be at a crossroads after today. The Foxconn riot and the 5 million iPhone 5 ‘s sold did not inspire more longs to come in. The stock grew more volatile and could not find its way. The 5 day ema which acts as support in the strongest up trends became resistance today. That level was sold into. There was a bounce as the price approached the 21 day ema in the morning. The price was able to rally back to the 10 day sma late in the afternoon only to find more sellers. I was stopped out of my stock option position but I am looking to get long again if I get an opportunity at the 21 day ema, or if we rally over the 5 day ema. I am watching this price action closely. This is still the stock to own, this is where consumer dollars are flowing. If we lose the 21 day, I would love to be long at the 50 day sma.
