Major averages fell yesterday on higher volume. The NASDAQ Composite notched another distribution day partly due to AAPL which had its highest volume down day since January. While Apple (AAPL) remains in an uptrend, perhaps the announcement of its product line was overall a disappointment to investors. The mobile space becomes increasingly competitive against Android which is open source, so since iPhones are not open source, they may continue to lose ground. AAPL also announced their Apple Watch but it remains to be seen how useful such a device will be against open source Android which could also come up with an equivalent device.
The market could come off 1-2% or more from here, as leading stocks start to take it on the chin. Keeping stops tight and taking profits when you have them in context with the overall chart of the stock remains a viable strategy in this environment.
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