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Apple ( AAPL) is trading up 1.2% at $499.39 in recent trading.

Today's Volume: 10.7 million

Average Volume: 12.55 million

Volume % Change: 69%

From a technical standpoint, AAPL has tagged the psychologically important $500 level today on strong volume. This marks the first time that AAPL has traded at and above $500.

Since AAPL broke out above its earnings-day after-hours high of $460, the stock has soared over 40 points. This huge spike up has pushed AAPL into overbought territory, with a relative strength index (RSI) reading of 86.40.

This overbought condition would keep me away from imitating longer-term buys, but traders can still look for short-term trades as long as AAPL continues to trend above $500.

Apple shows up on recent lists of 6 Energy, Tech Stocks to Beat the Market and 10 Stocks of Top-Performing Funds in 2012.

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