Maybe there is concern over the company's deal with China Mobile (CHL) (though I'm not 100% sure why there would be concern), or perhaps some concern about the upcoming quarterly results, but Apple didn't participate in the year-end Santa Claus rally.
Even though 2014 is just two trading days old, the trend has continued, with more red for the Cupertino, Calif.-based Apple. According to Bespoke Investment Group, Apple has never started out a trading year down two days in a row. This might break that streak, with shares off 1.4% to $545.54.
Get this, Apple ($AAPL) has never started out a year down two days in a row in its history as a public company. Set to do it in 2014.Bespoke (@bespokeinvest) January 3, 2014
What's even more concerning, according to Bespoke, i that Apple broke "below the bottom of its 3-month uptrend channel." This signifies that the stock had been on an upward trend for the past few months, and now that's it broken that uptrend the next stop is the 50-day moving average of $540. I try not to read too much into one-week trends, but the magnitude of the drop is a little concerning.
If anyone has any ideas on why the stock has been declining, I'm all ears.
--Written by Chris Ciaccia in New York
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