This is a significant and negative technical event for Apple, and it is likely a sign that institutional investors, who were always there to support Apple at the 40-week line in the course of their own long-term accumulation of the stock, have now shifted into a mode where they are distributing Apple and selling the stock as they reduce their exposure to the stock.

FORBES: Chewing On The Real Worm Inside Of Apple

Such restrictions encourage short-term profit accumulation at the expense of long-term value enhancement.

CNN: Emotional Indicators

To quickly explain why this view is certainly not ours, consider that our position is that the abnormally high consumption of US households during the 2000s was matched by an abnormally large trade deficit in goods and that feedbacks among, borrowing, consumption, the dollar, US long term rates, foreign reserve accumulation and other factors worked to keep these two effects moving in tandem.

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Capital accumulation and long-term growth prospects hinge on thrift rather than profligacy.

ECONOMIST: The sorry state of saving

At the same time emerging economies' behaviour, particularly the accumulation of massive foreign-exchange reserves, has distorted capital markets by artificially pushing down long-term interest rates.

ECONOMIST: The rise of emerging markets: Be worried | The

The expansionary monetary policies pursued by Japan as well as the U.S. and European nations have thus far not been accompanied by fiscal reforms required to halt deficits and the accumulation of debt, or the fundamental structural reforms required in labor and capital markets to restore long term economic growth.

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