A Market at Apple's Whim
Tuesday's price action in the major averages was proof positive that buyers still want in to this market. When selling pressure picks up in the major averages, it's usually short-lived and that was certainly the case Tuesday. Sellers quickly came into the market after the release of the Fed minutes from the March 13 meeting. The S&P 500 was down 1% at one point, but it finished with a loss of 0.4%. Even better, my growth screens showed plenty of green by the close.
It's becoming increasingly clear that major averages probably won't stage a meaningful pullback until Apple (AAPL) starts to flash sell signals -- and, with sentiment so positive around Apple lately, it may take a while longer until sellers come into the stock. Despite a huge price move since January, Apple's current valuation of 18x trailing earnings and 13x forward expectations remains compelling, and it could easily bring more institutional buyers into the stock. The bottom line is that, if Apple continues to act well, the market will continue to act well....605 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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