Apple dropped 29%, yet, it look like not a lot of investors care about it.
Last time the Apple stocks dropped 30% during the 44.8% correction in 2012-2013. During that correction we had 50% increase in volume from 2 billion to 3 billion shares per month. Now this stock is traded around 800 million per month. See the chart below
Chart #1: APPL volume levels over the past 10 years: 1 bar = 1 month
Apple stock's liquidity dropped to the 1990th years level. 20years ago in 1996, the APPL stock was more active than it is now (see chart #2 below).
Chart #2: APPL volume levels over the past 10in 90ths: 1 bar = 1 month
From one side, despite 30% drop, the majority of the Apple investors still hold this stock - nobody in panic to sell. After 20-year of the "Apple gold era" Apple managed to create specific aura around its stock when no matter what happen, loyal investors will believe that "apple is the best". Technology goes ahead, the Apple is not any more as innovative as it was 10 years ago, yet, we still have a lot of investors-believers. In addition, investors who bought this sock in 2008-2012 are still in profit and current 30% decline des mean a lot for them. We may have another 30% decline and we still may not see increase in volume- we sill may not see a panic selling among AAPL investors. Apple investors could be called as the most loyal investors on the market. They in "love" with this company and this is good for this stock
From the other side, low volume means the luck of investors. The AAPL stock does not attract as many new investor as it did 10 years ago. Investors are slowly losing interest in this company. In such condition, if any of serious investors makes a decision to pull money out of Apple, it may lead to strong decline simply because of the luck of the new bullish investors. This is very sensitive time for this company and if Apple does not come out with some sensational innovation, we may see difficult days for this stock ahead.
Apple is a great company, it has one of the best products on the cell phone market. However, 68% of the Apple's revenue depends on cell phones sales. It is quite high dependence without any solid backup. This makes Apple just another cell phone company like many others.