Apple Slide Halts Yet Another Rumor-Driven Risk Rally
Yesterday even as the broader market slid materially, much to the dismay of permabulls everywhere, taking out post QE3 lows, one stock that obstinately refused to join the trend was Apple, which as we have noted before is the vanguard of the index known as NASDAAPL, and whichever way the NASDAAPL goes, so go America's hedge funds, all of which have decided to piggyback on the stock in hope of catching up to the market performance and avoid being redeemed to death. Today, we get a mirror image of yesterday, when after opening at its highs, AAPL has since tumbled 2.5% from its highs, following news that an Apples court has allowed sales of Samsung Galaxy to continue. Finally, the broader market, which ramped early on hope that the intolerable Basel III requirements would be delayed by 1 year (they will be eventually as they demand that banks sell trillions in assets: something they can't do), is about to slide not only with AAPL as the catalyst but following news from Dow Jones that the "EU Trialogue Didn't Discuss Basel III Delay Thursday." In other words, we ramped on a completely bogus rumor originating in Europe once again. What else is new?
AAPL loses $10 billion in market cap in a few hours: