Apple Bounces Off Low

By Mike Paulenof

Two conflicting stories today that Steve Jobs has been seen coming out of a cancer/chemo clinic looking very thin and gaunt. On the other hand, the press keeps reporting that President Obama will meet with technology executives on the West Coast today, including Jobs, Zuckerberg and Schmidt.


The violent sell-off last evening into this morning pressed Apple (AAPL) to 351.17 from 363.13, prior to the rebound to 358-360 (in anticipation of his meeting with Obama, which could imply that his health had not deteriorated).


In any case, as long as key month-long trendline support at 352.30 contains any additional selling pressure, I will have to conclude that the uptrend off of the January lows at 326.00 remains intact and dominant.

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