The cracks in the last remaining overbought sector, Telecom is showing. (See earlier post) I expect that when APPLE report sales Oct. 25th they will see a slow down in iPhone sales which will further exacerbate the sell-off. As you can see iPhone represents 52% of the market cap of $AAPL. One small note... given the Samsung fallout they may be able to give better guidance but they will still see slowing sales in iPhone 7 units.
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