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Shares of Apple (AAPL) failed near $550 again on Wednesday. Apple (AAPL) will have support around $537 and $530. Resistance is located at $550 as well as $552.20. Apple (AAPL) is dropping due to fiscal cliff selling, the fundamentals of the company are the best ever.
In my opinion, you can throw all the bad news you want at Apple (AAPL) but the stock is trading at just 12 times trailing earnings and 9.5 times 2013 earnings. Wall St is now pricing AAPL at an insanely cheap valuation. The company pays a 2% dividend and has $122 billion in cash. Buy with confidence below $550. Apple (AAPL) is not the next RCA or Sony, Apple has an ecosystem of quality products and services that people love and will continue to buy. The Apple TV will be the icing on the cake and the company will continue to be laser focused on innovation in 2013. Their patent activity underscores this!
Also see - Top Stocks 2013 - Top Gold Stocks 2013
