I cannot call Apple (AAPL) a general of the market... it is more like Commander in Chief.  The stock has broken the 50 day moving average but no big deal - we've seen it 3 other times the past 2 months and each time that has simply shaken out the technical traders, and the stock has reversed right back up.  What would worry me more is a lower low i.e. a break below $240.  Close but no cigar thus far today.

Let's keep an eye on this name since it's so influential, especially on NASDAQ.

As an aside, a video from a technician yesterday on CNBC - this guy says Apple has potential to fall to $115.  While seemingly impossible as this is Teflon Stock #1, it is true that Apple was in the $70s during the panic of 2008.  Someone remind me to put the whole portfolio into Apple if it gets below $120.

I just would advise Mr Zimmermann not to show up at any Apple store with that sort of thinking -- he might get tomatoes (or iPods) thrown at him by fanboys.

Walter Zimmermann, chief technical analyst at United-ICAP, tells CNBC he sees a bearish rising wedge in Apple's stock and advises investors to unload the stock.

No position