By: Steve Smith
Apple is catching up to rest of FANG but not in a good way. After today’s drop, it’s down about 10% from its highs. Is this a buying opportunity? Or a sign the whole market is turning rotten?
Apple (APPL) is not only the largest component of the tech-heavy Nasdaq 100, in which it accounts for over 12% but also one of the largest influences on the price-weighted Dow Jones Industrial Average S&P 500.
Apple’s importance is not mathematical but also psychological for a wide swath of investor sentiment. It’s owned in both growth and value funds, dividend and buyback funds, tech sector funds and consumer-driven strategies. Needless to say, it’ll be the stock to watch as November grinds on.
After initially holding up better than its FANG brethren during a brutal October, Apple is now also in full correction mode…
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