We were completely long and wrong Apple going into today.  After yesterday’s bounce and the stock’s ability to reclaim its 20-day moving average we thought it would move higher.

Not to be.  The stock gave up most of yesterday’s gain and closed on its low of the day.  Now we have the weekend to contemplate whether or not Apple is putting in a head and shoulders top.   Even Jim Cramer raised the specter of “peak Apple” a few days ago.

“Apple’s still affiliated with a founder who is not alive,” Cramer said, , referring to Apple co-founder Steve Jobs, who died in October 2011 after a long battle with a form of pancreatic cancer. “Therefore, we know at a certain point the drawing board of a founder who isn’t with us will end. Has it already? We don’t know.

We doubt it, don’t know for sure, but will let the market tell us.  The price has broken trend and it is now in no man’s land.   Key support is $660 and then the 50-day at around $650.

It could be PMs are locking in profits for the year and not willing to be a pig that gets slaughtered.  Also kind of feels like an ordinary garden variety correction is trying to morph into doubts about Apple’s product launch.

Discipline über alles, folks!

(click here if chart is not observable)

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