A day after Apple trading volume dropped through a line monitored by analysts called its 200-day moving average, more than 120 million shares were traded. Despite the fact that the stock fell for the tenth time in eleven days, losing 3.2 percent to its lowest point in six months, trading volume was at its highest level since January.
The value of traded Apple shares rivaled one of the most popular exchange-traded funds I the country, the SPDR S&P 500 ETF Trust. Volume was more than twice its average this year and it beat out July 22, the day following the Iphone maker reported results.
Chief market technician at FBN Securities Inc. in New York JC O'Hara believes that this is a significant event for Apple. "When people start to see a stock everybody owns trade down," O'Hara said, "they don't want to be the last one selling it."
Apples retreat on Monday pulled it down more than 10 percent below its 2015 high, and today's dip brought it down to 14 percent of the year-long high. Apple's shares have plunged more than 12 percent over the last 11 days.