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Size Doesn't Matter As AAPL's New 8-Incher Underwhelms And Bipolar Market Resumes
Yesterday's late-day rampapalooza seemed like just the confidence-inspiring rally that was needed to enable sellers out at better prices. The absolute schizophrenia (debate-day shenanigans?) remains remarkable - and today the silver-lining appears to be the Dow Transports - which end green. But as always context is key - the rest of the US equity market is converging down to the Trannies measly 0.8% YTD gain in a hurry. Stocks and broad risk-assets were once again highly correlated as systemic weakness dragged an exuberant overnight equity market back down to reality. Today's higher-beta weakness was widespread but AAPL's crashtastic 3.25% plunge on an underwhelming sales and over-expensive product seems as good a catalyst as any (and if anyone on TV tells you its all the shorts driving it - just think about the dominance of this stock in all those long-only manager's books that are now underperforming - long sales at VWAP!!!). USD strength dragged commodities lower - Oil underperforming, Gold outperforming (though lower); Treasury yields cracked lower (down 6-7bps from high to low); and credit modestly underperformed as VIX also rose more than implied by stocks as protection was bid. The S&P has lost the Bernanke Floor and thanks to some late VWAP support is holding at Draghi's Dike.
Today marked the biggest 3-day slump in the S&P 500 in 3 months - on huge volume once again - making a mockery of yesterday's late-day ramp...notice once again the pull up to VWAP today (blue line) which was faded into the close...
Year-to-Date US equity index performance...
leaving the S&P at Draghi's Dike - having lost Bernanke's Bottom...
And once again - its clear that the machines are under pressure to get the big longs out (not just short-sellers) as VWAP points are magnets for volume...
Broadly speaking - stocks over-reacted overnight and overshot to the downside (relative to risk assets in general) - catching back up into the close (which was around ES VWAP - suggesting some balance)... systemic correlation was high though
For a sense of what market participants have been levered to in a risk-on world - that appears to be falling apart - its is useful to see what is underperforming... to wit: on a correlated beta basis (i.e compared to how its moved in the past) - Oil is being sold hardest, followed by stocks, with Gold and the USD in line, and Treasury buying the least aggressive (perhaps as MTG spread unwinds continue)...
Today's VIX move is a little exuberant as protection is heavily bid - well north of Draghi-Dike levels...
But with all the talk of VIX breaking out - we note that in fact the implied vol premium to short-term realized vol (at 10-week highs) is in fact at its lowest in a month - the key now is if the crazy swings of the last few days continue then we see the crowd of vol premium sellers finally get their fingers snapped off in front of the steam roller...
MTG spreads are +7bps post QEtc. and retail mortgage rates are only -3bps! Thanks Ben!
Charts: Bloomberg and Capital Context
Bonus Chart: Netflix Tilson'd...-14% afterhours...
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Toto, I have a feeling we’re not in Kansas anymore.
NFLX shat the bed AH.
FB's turn now.
New AAPL release? Is it as good as this one?
http://www.youtube.com/watch?v=8AyVh1_vWYQ
HAHA funny shit right there!
Its too thin. They're all about girth.
Release the hopium ballon. Float market float!!!!!
+1. That was awesome. Still laughing.
The Onion is really the only meaningful news show left.
"..to see if anyone can figure out this fucking time vampire"
Awesome.
Theirs that damn fruit again.
.
Apple - the fall of man...
.
AAPL - the fall of mankind.
Bought my Daughter a Sony music player last year; she doesn't like it.
If you put it in sleep mode and bump any button it turns back on - so whenever she goes to use it the battery is almost dead. Waste of $79.
This is my favorite, the Apple Mac Wheel laptop: http://www.youtube.com/watch?v=9BnLbv6QYcA
With Steve Jobs gone it won't belong before Apple makes something like this, or another Newton or Lisa.
You owe me a new keyboard.
that was Great thanks!
8-inchers, trannies and spikes and dikes?
What is this a dungeon??
"Yes, mistress, may I have another?!?"
Update: I guess you want another, if you're an NFLX owner...
I wonder if that thing comes in "flesh pink"?
maybe AAPL should merge with Pfizer...
Swipe the red iPill ...
you had to know sooner or later Apple would release a shit sandwich nobody wanted.
I'm still trying to figure out who wanted all of the previous ones.
They showed it to the public an hour ago, I think it is a little early to tell if anyone wants it.
The Apple diehards know instantly. They just got their iPhoney 5s and they don't see the use of this mini-max thing.
It's a good transportable size, much easier to read than the phone. People like this size or they wouldn't have made it, this size was a big seller for Samsung and Kindle.
Your seriously long AAPL, aren't you?
Yes, I've made 7 figures plus on apple.
Yeah me too.
And that's why I'm on ZH 8 hours a day.
That is one hell of a great run! Don't give it back though. APPL looking sort of "toppy" here - at least in the short term.
I worry about the competition, the marketing isn't as good lately (they need to correct this fast), the products are still very good and Samsung makes good stuff. 4th quarter is going to be strong, 3rd quarter probably not. Not too many places to put capital these days though, too much $$ on the sidelines as it is. For now, I'm sticking with apple because it is currently the best company in the world.
Don't worry, the release of Windows 8 is coming to the rescue, things will look up for AAPL soon.
You'll lose 7 if you don't put in your stops.
BTW, go Check and put in your stops
...when you talk to your mother next, Check and put in your stops
...if shopping for a nice sharp cheddar, Check and put in your stops.
...while taking a stroll after supper beforehand, check and put in your stops.
I don't use stops.
Now we know your 7 digits included the two places after the decimal point. lol. Dear God dude. Pull this leg... it plays jingle bells. And if you are for real, HOLY SHIT - your nuts.
Wow.
Rough trader. Well put some aside to start over again then and don't touch it until you need to pay rent. I hear Barclay's is hiring.
Plus what?
I would agree but I think people already own this type/size device. It may catch fire for Christmas. Time will tell.
"People like this size or they wouldn't have made it"
Under that theory of production, no company can ever fail. No wonder you're bullish.
Field of Dreams
Everybody should go long apple right here, there is a negativity bubble going on here. I'm getting junked for stating obvious facts. I expect 3rd quarter to be a little soft, 4th quarter is going to crush it.
Need somebody to sell to eh?
He's a contrarian investor.
Buy high sell low. I think it's time we moved away from this one he's high as a kite on hopium and disconnected his phone for an Irish vacation.
LOL! No thanks, I prefer my money to stay in my pocket, not yours.
but....but... Cramer said BTFD
ben can save the metals tomorrow. stawks are fked.
when your chick wants you to fuck her in her ass; you have a small dick.
Aaaah, and I was wondering why they all ... Never mind.
thats not the case nowadays.......they ALL love it in the ass
LMAO. That seriously deserves a tshirt.
I don't know why I even maintain my netflix sub. They never had any movies that I actually want to watch available for streaming. Even my kids have run out of cartoons to watch on it.
Hmmm. Buy the mini-iPad or buy the mini dip........so much to choose from.
Try to figure out how to scrounge up enough disposable income to buy a Christmas tree and presents for 5 kids, let alone some piece of 8" iShit.
Facebook beat expectations .. Stock up 8% and counting .. b,owing through the roof !
WSJ headline ... "Facebook Posts Loss, but Revenue Rises"
facebook is long "BitCoin".
BWAHAHAH!
Don't worry; they're going to make it up in volume.
12 c a share but when including compensation actually -2 c a share. since when did a company not include compensation as a basic cost of doing business?!
$150m made from mobile .. how the fuck did they do that .. guessing screwed over some advertisers by promising results .. they havent had a chance to see that no one fuckiong opens banners on mobile! bullshit idea.
monkeys are buying this stock like its running out .. what the fuck is going on?
HELP !
Thanks oldfruit1. I have more macro things to watch, like PBoc FLASH PPi.
dude, your flash ppi came out .. as usual a non event as the no is made up by the politburo ;)
facebook on the other hand is something that a lot of people on here watch ..
fruity
8 inches is too much for a lot of Women, especially those with a short uterus.
Bullish for thicker tablets with a longer battery life.
How much is that app?
bring back Steve Jobs......he didnt want this POS released
AAPL can't reignite, the fire is gone. When 800 hedges have taken up a home there it can't be good. They are not the smart money,, they are sheep and like to herd.
It was to be expected. People simply saw the first half of the logistic function and modeled it using the exponential function - but real world innovation doesn't work like that.
Same story with economic growth, technological growth (i.e. singularity believers), and most other long-term predictions.
And we have a winner!
Big ten inch...
https://www.youtube.com/watch?v=00zuDUNTeXM
Quick, turn it to CNBC, Maria sucking Goldman's dick.
Talking about creating value for their customers no doubt.
Love the Bonus Chart.
Not everybody is a tech head. Here is why they will sell:
I understand its hip to hate on Apple, but they will sell 10 million of these before the end of January. And no I am not a fanboy - I develop apps and software for all of these things.
Doesn't make any less a pathetic commentary on the state of things.
"It has become appallingly obvious that our technology has exceeded our humanity." Attributed to Albert Einstein.
But the Apple fans already own the Mac Book, iPad maxi, iPhone, and iPod. At some point the sheeple will get bored of this brand.
"I develop apps and software for all of these things."
That means you are not biased.
/sarc
By "All" (s)he likely meant iOS and Android at least, probably more. Developing for all the different devices is no longer anywhere near as difficult as it used to be. And yes, that means you can be unbiased.
Not just the sheeple. More important to me is the more technical side of the Apple customer base: media folks - audio/video/image artists, etc. At some point Apple will abandon them too in search of the greater market share. Once they leave, it's over. I'm seeing more disenfranchisement among them which is scary for a company that these folks have been in love with in days past.
I don't think we need iAppl toys for "augmented reality."
So the headline is " AAPL's 8 incher shoots blanks"?
Their cannibalizing their own product line..yum yum.
No shit, they completely fucked up the Mac mini, no more discrete graphicc option, the 13" MBP retina no discrete graphics either, on new iMac the user can't upgrade memory on 21.5" but can on 27", useless/pointless iPad mini, only possible positive was new iPad.
This Tyler's got to be Money McBags. The style is too distinctive. +1000
Lack of dick and fart jokes, and no links to pictures of attractive women, I'm not seeing the resemblance.
You know? You're right.
Where are the Dallas Cowgirls in the [what was that called?] position?
Or the blonde haired, pigtailed German chicks in lederhosen? [Or whatever.]
need some opinions here folks. regarding silver
almost all the oscillators are at or bellow previous major bottoms some are scraping the bottom. MACD RSI and STOCHMOMO are still slightly above the lows of previous years.
so it looks like a bottom on the oscilattors. the lowest one is the STOCHFULL which is exactly where it was on the feb 2010 low.
i got phyzz and thats nothing to be concerened about, this is a question regarding paper trading.. and obviously paper can always go lower and get slammed but i and am just wondering your thoughts.
alright thanks
silver imo could pullback to 26 where there is huge resistance, in the meantime i wouldnt get long, but reload at around these levels with a 3% stop if you want to trade the longside.
i have a position currnetly average around 29.30. gonna watch next few days.
cant see it going back to 26 but indeed anything is possible.
thanks
Hey Folks!!!
It's a fucking computer!!!!! It's hardware!!!! And there ain't no margin in hardware.
Have you met Apple?
They make a great $2,000 computer. The problem is, it's $3,000.
Actually, they make a great ~$900 computer that they sell for ~$2,700 plus.
You cannot imagine how many times, how much time, I have spent wondering, "Who buys this crap?"
I knew a lady. She bought an iThing something or other a few years back. It cost $1,100.
It had, for a gpu, an Nvidia ... what was it? ... like an mx 440 or something thereabouts.
Huh?!? Are you kidding me?
"We're like the elite for professional image artists only. We don't use any of that crap PC hardware; oh, no."
Man, I bought and discarded one of those cards (for a PC) a decade ago. Maybe 11 or 12 years ago. Been so long I forget.
But this is cutting edge in a thousand dollar iCrap (A thousand dollars, in case you didn't know, on the PC side of things, is a lot of money. I'll bet 90-95% of PCs retail for less than that. Although, to be honest, I really don't know. But I do know that you can go to Tom's Hardware, and learn how to assemble a computer, using quality components, for a fraction of that, and, done properly, will give the most expensive computer possible a run for its money.
Fucking iTards.
Risk off on Stocks and Pm's. Re Silver..
\PMs started moving down in advance of all this, 4 down weeks now. stocks need to catch up and so we could see more weakness there short term. PMs are at oversold 8hr + daily readings and risk related FX also on 8hr basis.
also PM moves exagerated vs DXY "strength" so perhaps theyve "priced in" some major risk offness
GET BULLISH
AUDJPY is NOT selling off, this is the funding for the stock markets. Borrow YEN to buy risk assets.
EURJPY is holding up as well
you may be right but isnt USDJPY outside strength something to do with this?
The "quadrant" style first grey chart says it all. In color coded glory. Notice red was a boundry. Blue defined previous highs and lows, whilst yellow shows possible breakout areas.
apple had to make an 8 inch tablet in order to sue samsung for already stealing their idea. brilliant!
lol...perfect
thank you
Apple's newest innovation is the Newton. It will kill the Palm Pilot market. -1998
I was ready to purchase a 13 inch macbook pro today. Can only get 8gb of memory on it. Total fail...
Aerosmith had a 10 inch in the 70's. This is nothing.
Well, we know Steve Jobs is gone, when the best Apple can do is make a different size version of some crap they already have. How long before the idiots that ran the company into the ground the last time do it again? 2 years?
I give it 8 months at this rate.
A new low in "journalism" from the previous record holder: zerohedge. "8-incher", "crashtastic" & trannies all in one posting.
Hard to beat that, but I'm ZH will.