According to CNN/Money, technology giant Apple (NASDAQ: AAPL) will soon reach one billion applications downloaded by customers onto their iPod touch or iPhone. The article notes that the total number of apps downloaded stood at 945 million a day ago, which works out to roughly 31 applications per iPhone or iPod touch on the market. This milestone is impressive, and it simply reinforces Apple's rightful place as a leader in technology. In the past, I have been bearish toward Apple -- mainly because of outrageously bullish analyst coverage. That said, perhaps it is time to bite the bullet and admit that I was wrong. Nope, I won't go that far, but I will admit that I am definitely considering a sentiment shift toward the Mac daddy.
Looking at the stock's technical performance, it is currently teetering on the precipice of a rather significant move. If the stock can blast through overhead resistance from its 20-month moving average, it could allow this trendline to act as support. The last time Apple closed a month north of this trendline was September 2008, so let's closely monitor the situation. With this trendline flattening, support from it would be very nice for Apple.
Am I ready to change my call on Apple? Not at this moment. I want to see a clear break of its 20-month trendline -- and possibly some support from the moving average -- before totally changing camps.
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