Shares in Apple Inc. stayed above the US$400 mark during Monday’s trading session, dancing in new record territory. in the mid-afternoon session, the stock was trading at $410.18, up $9.68 (+2.42%), well above the intra-day high of $404.50 set on July 26th and the record close of $403.31 that was set the same day.
Chart for AAPL mid-morning on Monday, September 27th, 2011Source: Yahoo! Finance
Wall Street is looking at Monday’s trading as a support session for the $400 mark. That price had previously proved to be a resistance level for AAPL, but traders and investors could be in the process of transforming that into a support level.
Monday’s gains come amidst a losing day for the broader markets as each of the three major indices moved decidedly into losing territory. as of this writing, the DOW was at 11299.52, down 209.57 (-1.82%); the NASDAQ was at 2594.46, off by 27.85 (-1.06%); and the S&P 500 moved lower to 1195.08, down 20.93 (-1.72%). Worries about a Greek debt default weighed heavily on the markets, driving the retreat.
In the meanwhile, no specific news seems be driving Apple’s rally. the company has yet to announce its traditional fall media event, and the company hasn’t announced any new products. on the other hand, signs continue to suggest that Apple is getting closer to rolling out some or all of its iCloud service, as well as releasing iOS 5.
If AAPL can close above $400, it will be only the third time it has done so, the first being the above-mentioned July 26th, and the second being Friday’s close at $400.50.
*In the interest of full disclosure, the author holds a tiny, almost insignificant share in AAPL stock that was not an influence in the creation of this article.
