Daily update 5/17 AAPL cash

Splat.

SPX completely retraced yesterday's pop this afternoon.  The selling stopped 1 point above the 5/6 low.  There was a bit of a bounce late in the day, but it still closed below the 50 SMA.  Volume increased over yesterday.  It looks like conviction is with the bears.  The breadth was -63%.  The bulls tried early in the day to rally the troops after a gap down.  However, the bears won out mid day.  New highs dropped down to 102.  New lows increased some to 32.  Same result as the last big up day.  The selling into strength continues.

The futures have another confirmed break below the 20 SMA.  That was a pretty sound rejection of the 50 and 100 MAs.  Will support be able to hold again?

The red line crossed above again.  This is a bit of an odd pattern.  This indicator does not get a braided look like this very often.  The green count dropped to a new low for this pullback though.  That can't be good.  Still nothing close to an over sold condition.

The bulls are putting up a fight here for sure.  However, their actions are keeping the market from developing an oversold condition that might entice stronger buying.  A break down of the daily head and shoulders pattern seems inevitable to me.  A measured move of that pattern gets SPX down around 1960-70 area.  That would be well below the 200 DMA.  While SPX closed below the 50 DMA again, we still do not have a confirmed break.  I don't know if the bulls will try again tomorrow or not.  I guess we can't rule it out yet.

Some days I can't quite wrap my head around the number of lies I hear on a daily basis in the media.  Here is a look at Apple's balance shee.  I took finance in college and I guess modern finance is completely different.  Could some kind reader please show me how this balance sheet says Apple has $200 billion in cash.  Based on what I learned I would say about $41.5 billion in cash.  However, that is not even close to the figure Wall Street keeps shouting from the tree tops.  It looks like pure fiction to me.  I find it a little odd the total liabilities line has more then doubled in the last two years.   Lying seems to be a general course of action in today's world.  I find it quite disturbing myself.

Bob

Apple Inc. (AAPL)

Balance Sheet

Period Ending		Sep 26, 2015	Sep 27, 2014	Sep 28, 2013
Assets
Current Assets
	Cash And Cash Equivalents	21,120,000	13,844,000	14,259,000
	Short Term Investments	20,481,000	11,233,000	26,287,000
	Net Receivables	35,889,000	31,537,000	24,094,000
	Inventory	2,349,000	2,111,000	1,764,000
	Other Current Assets	9,539,000	9,806,000	6,882,000
Total Current Assets		89,378,000	68,531,000	73,286,000
Long Term Investments		164,065,000	130,162,000	106,215,000
Property Plant and Equipment		22,471,000	20,624,000	16,597,000
Goodwill		5,116,000	4,616,000	1,577,000
Intangible Assets		3,893,000	4,142,000	4,179,000
Accumulated Amortization		-	-	-
Other Assets		5,556,000	3,764,000	5,146,000
Deferred Long Term Asset Charges		-	-	-
Total Assets		290,479,000	231,839,000	207,000,000
Liabilities
Current Liabilities
	Accounts Payable	60,671,000	48,649,000	36,223,000
	Short/Current Long Term Debt	10,999,000	6,308,000	-
	Other Current Liabilities	8,940,000	8,491,000	7,435,000
Total Current Liabilities		80,610,000	63,448,000	43,658,000
Long Term Debt		53,463,000	28,987,000	16,960,000
Other Liabilities		33,427,000	24,826,000	20,208,000
Deferred Long Term Liability Charges		3,624,000	3,031,000	2,625,000
Minority Interest		-	-	-
Negative Goodwill		-	-	-
Total Liabilities		171,124,000	120,292,000	83,451,000
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		27,416,000	23,313,000	19,764,000
Retained Earnings		92,284,000	87,152,000	104,256,000
Treasury Stock		-	-	-
Capital Surplus		-	-	-
Other Stockholder Equity		(345,000)	1,082,000	(471,000)
Total Stockholder Equity		119,355,000	111,547,000	123,549,000
Net Tangible Assets		110,346,000	102,789,000	117,793,000