Morning Market Commentary EUR/USE;US$/YESN;SSEC;AAPL

Apple stock continues to look for a lower price. The gap down from January is a major sign of more selling volume to possibly join the carnage in the once biggest stock in the world. Shares of Apple have not moved above its 50-day moving average since September of last year, precisely when the new iPhone and iPad were launched.

We maintain our “Sell/Short” recommendation on AAPL, with our 3 – 6 months price target of US$ 320.

022013 CGI Morning Market Commentary