Can Apple's performance pull tech from the doldrums?

Tech and healthcare are enjoying success (if it can be called success) for the same reason as gold, they are seen as safe-haven sectors. This designation for tech is new, but it is given because many investors believe that tech doesn't have "a lot of cash needs, so they don't need to access the credit flow."

Perhaps it is the fact that iTunes is currently converting all of my music for use on my new nano, but I thought immediately of Apple (NASDAQ: AAPL) when I thought of the tech sector. One of the reasons for the sector's performance issues (although it is the best of the worst) could be AAPL's struggles. The stock did well recently, but backed away from the $100 level and is in the process of battling with its descending 20-week moving average. In conjunction with its 10-week cohort, this trendline has stopped many of AAPL's rally attempts since August 2008.

Writing bearishly about AAPL is something I have done often, and I was wrong in the past. However, this company is the belle of the ball as far as tech analysts are concerned, and it faces quite a bit of technical resistance. Never mind the continuing health concerns of Steve Jobs, which will continue to weigh on the stock until the situation is resolved (one way or the other ... sorry for the blunt assessment).

I suspect we will see shares of Jobs' gang continue to bounce between the $80 and $100 levels. That said, the equity's 20-week moving averages is in the $90 region, which could severely tighten the trading range.