Apple stock to fall more

May is definitely one of the worst months to be in the stock market and it seems that this year this pattern will continue. Regarding specifically the Apple stock, the formation of massive bearish 'engulfing' pattern accompanied with much above average volume shows that the big, smart money has 'distributed' its holding into weak hands and thus I expect a bearish picture for Apple.

The first target for this bearish onslaught will be the 119.57 level and we should watch what will the market dictate when the price reaches there.

Good luck,