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Friday, April 20, 2012

NASDAQ suffers third weekly loss in a row

Despite the overall positive tone of the markets this week, the NASDAQ Composite index closed lower for the third week in a row with a 7point loss today.  Apple contributed, losing 10% in the past 10 trading sessions.  The NASDAQ closed a hair above the critical 3,000 level:

Some of you may notice the same head and shoulders patterns forming that is already well developed for the S&P 500.  If we break 3,000 next week, we could certainly see more downside in the near-term, especially if selling continues in Apple.  Those so bullish previously on Apple cannot point to the overall market to place blame, but rather must acknowledge and accept that Apple is dropping because investors are losing confidence in the stock as an investment, at least from current, very lofty levels.

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