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The Week Ahead: How Much Lower Can Tech Go Now?

November 18, 2018 / Tom Aspray

It was another rough week for the stock market as traders found more favored tech stocks to sell. The sellers hit Apple, Inc. (AAPL), which lost another 9% during the first three days of the week. From the Wednesday low of $185.93, it rebounded to close the week at $193.53, but is still down 16.9% from the October 3 high at $232.66. Generally, the major averages gave up their gains from the previous week, as the Nasdaq 100 lost another 2.45%, and is now up only 7.4% YTD. The Dow Industrials lost another 2.22%, as the continued decline in Boeing (BA) and the new selling pressure in Goldman Sachs (GS) dragged the average lower. The S&P 500 was down 1.61% and, like the Industrials, is up over 2% for the year. The Dow Transports, which led the market lower in October, was higher for the second week in a row. In last week’s analysis, I felt that a strong close in the major average was needed to complete a short term market bottom, but that did not happen.Clearly, the selling in th...