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AAPL Enters Bear Market

Tyler Durden's picture




 

UPDATE: Within the first 90 minutes of the open, AAPL has traded down to under $564 - officially entering bear-market territory (down 3.4% today). These are 5-months lows for AAPL.

 

From the $705.07 jubilant highs on 9/21, the most widely held stock among hedge funds is sliding in the pre-market very close to its bear-market barrier. A 20% slide from those 'peak AAPL' levels is around $564, less than $10 away. For some this is the buying opportunity of a lifetime as those $1111 price targets and Apple TVs are far from 'priced in'; for others, every VWAP rip is now faded and orderly lines are being formed at the 'get me out of this' window... What was the alpha-generating master-of-the-universe-making stock in the last few years, is now the overweight, over-crowded, waiting-for-the-straw-on-the-camel's-back holding that managers love to hate as their bogeys drift and portfolios plunge. So much for buying high-beta to chase performance eh?

From 915ET this morning

 

 

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Wed, 11/07/2012 - 10:14 | 2955694 LawsofPhysics
LawsofPhysics's picture

That which cannot be sustained, won't be.  Long anything physical of real value, black markets, and physical PMs...

Wed, 11/07/2012 - 10:24 | 2955735 JPM Hater001
JPM Hater001's picture

I'm telling you I posted on this shit yesterday.

http://www.zerohedge.com/news/2012-11-06/markets-verdict-buy-stocks-buy-...

 

I hope service doesnt get sucky after they crash.

Wed, 11/07/2012 - 11:26 | 2956031 Stoploss
Stoploss's picture

If you really want to fuck with an iphone 5 owner, throw down your S III, or better yet, your Galaxy Note.

It will send the iphone owner out of the building in tears.

Funny thing about apples, if they arent kept clean, dry, coddled, and temp controlled, they tend to rot.

Wed, 11/07/2012 - 11:49 | 2956191 MillionDollarBogus_
MillionDollarBogus_'s picture

Romney was suposed to win.

I went all in on AAPL last friday.

I'm hosed.

Wed, 11/07/2012 - 11:59 | 2956256 JPM Hater001
JPM Hater001's picture

See thats the thing about manias.  Men go mad in herds.

You might want to tap the bus driver on the shoulder and ask him if he sees the cliff just ahead...

Wed, 11/07/2012 - 12:12 | 2956334 redpill
redpill's picture

Need more "thousands hedge funds crying out in terror and were suddenly silenced" memes

Wed, 11/07/2012 - 12:22 | 2956345 hedgeless_horseman
hedgeless_horseman's picture

 

 

GS shareholders selling while the OI and LTCG taxes are still low?

Giant Squid is down -5.5% so far this morning.

Maybe just locking in profits?

Wed, 11/07/2012 - 12:18 | 2956373 Precious
Precious's picture

Don't worry.  They only fired Scott Forstall, the guy who was responsible for the software on the two most popular consumer products on the planet today.

THE IOS OPERATING SYSTEM AND APPLE APPLICATIONS ARE THE ONLY FUCKING PART OF IPHONE AND IPAD THAT ARE 100 PERCENT APPLE DEVELOPED AND APPLE ORIGINAL PROPERTY.

AND TIM COOK FIRED FORSTALL, HEAD OF IOS AND APPLICATIONS, TO INSTEAD KEEP THE GUY THAT DESIGNS ICONS AND BEZELS, AND ANOTHER GUY WHO OUTSOURCES HARDWARE?

GIVE ME A FUCKING BREAK.  TIM COOK.  MORON OF THE YEAR.

Wed, 11/07/2012 - 12:25 | 2956439 Bananamerican
Bananamerican's picture

doncha almost get the sense Tim Cook was waiting for Jobs to pass so he could get his normal little hands all over Apple?

Wed, 11/07/2012 - 12:27 | 2956448 earnyermoney
earnyermoney's picture

Tim Forstall was responsable for the maps fiasco. The article in the WSJ indicated he was blaming Apple's customers for overhyping his POS maps app. He was fired when he refused to own up to his failures.

Wed, 11/07/2012 - 12:43 | 2956576 toady
toady's picture

If you let the top OS guy go because of a trivial media generated snafu you're definitely shooting yourself in the foot. I hope the next in line is competent or that may have been a game-over move.

Wed, 11/07/2012 - 13:35 | 2956591 Precious
Precious's picture

It wasn't a fiasco except in the minds of the lemming press. Get a brain, fucking press parrot.

http://www.businessinsider.com/ex-apple-employee-on-scott-forstall-leavi...

Wed, 11/07/2012 - 16:23 | 2957712 Nobody For President
Nobody For President's picture

I've never been an Apple fan boy (since I gave up the Apple II), but with Jobs gone, a certain spirit of real innovation is gone, replaced by tweaking what they have and staying the course.

I am reminded of an old Jules Feiffer cartoon when the ad exec comes home to announce he has been canned, and as his wife brings him his martini says brightly: "At least we have this long way from affluence to slide."

Wed, 11/07/2012 - 12:19 | 2956376 toady
toady's picture

That'll teach the sheep! How dare they vote D!

Wed, 11/07/2012 - 12:01 | 2956258 malikai
malikai's picture

Guys, O/T but you might all want to keep an eye on gold. Things might get a little funny around 0 diverg:

https://www.quantsig.net/live.html

 

Wed, 11/07/2012 - 12:03 | 2956277 homersimpson
homersimpson's picture

On a serious note, I'm really asking this because I want to learn. How do I decipher what I see on this chart (because there are a lot of abbreviations)!

Wed, 11/07/2012 - 12:14 | 2956351 JPM Hater001
JPM Hater001's picture

Yeah-

 

The first chart is Apple trading in the pre-market (you have to name a top price (limit order) and someone has to have offered a bid to match)  Those get paired and transacted at market open.  Apple was dropping and then started a leveling...until the market actually opened then it moved lower...quickly.

The second chart is apple over a longer time-line and shows that the decline continues.

Wed, 11/07/2012 - 12:39 | 2956536 augustusgloop
augustusgloop's picture

Follow Dennis Gartman on elections & gold.

Wed, 11/07/2012 - 10:26 | 2955741 GetZeeGold
GetZeeGold's picture

 

 

Samsung cut a deal for the Obamaphones......AAPL is screwed.

Wed, 11/07/2012 - 10:28 | 2955753 edifice
edifice's picture

That's good... They can call it: oPhone

Wed, 11/07/2012 - 10:35 | 2955788 Unprepared
Unprepared's picture

Hey, I have trademark rights on the oPhone name already.

I'm going to sue their ass.

/sarc

Wed, 11/07/2012 - 10:41 | 2955811 aint no fortuna...
aint no fortunate son's picture

I'm diggin that shitstorm in GOOG - makes for an incredible one-two punch on the hedgies' balance sheets

Wed, 11/07/2012 - 11:58 | 2956246 SeverinSlade
SeverinSlade's picture

DOW -300. Hello market? Campaign slogan was "Forward" not "Backward."

Wed, 11/07/2012 - 10:28 | 2955698 AssFire
AssFire's picture

A third world apple- it already looks browner.

 

Already they are renaming the technology as "Gold-Tooth" for the Obama phone upgrade...

They be coordinating their flash mobs and drug deals hands-free now. Along with the BitchTracker app. for the Pimps; look for their efficiency of destroying civilization to increase.

Wed, 11/07/2012 - 10:34 | 2955782 ThirdWorldDude
ThirdWorldDude's picture

Nope, sorry to disappoint you...

 

Here in the 3rd world we only cultivate Jonagold. What you're holding there is a USSA strain of Red Delicious.

Wed, 11/07/2012 - 11:23 | 2956020 buzzsaw99
buzzsaw99's picture

Holy crap ten freaking up-votes on that pos comment?

Wed, 11/07/2012 - 12:26 | 2956442 toady
toady's picture

ZH can be bizarre sometimes. When I see posts like that I assume the author learned everything they know about black people from Tyler Perry.

Wed, 11/07/2012 - 10:16 | 2955703 scatterbrains
scatterbrains's picture

where my I-crack niggas at ? Get in there and prop this thing bitchezz!

 

Wed, 11/07/2012 - 10:16 | 2955704 SheepDog-One
SheepDog-One's picture

OH NOEZ! What is Apple....raycis or somethin?

Wed, 11/07/2012 - 10:16 | 2955705 buzzsaw99
buzzsaw99's picture

Oh no, there goes modern day crAAPitaLism down the toilet. Who do we sue?

Wed, 11/07/2012 - 10:38 | 2955803 Unprepared
Unprepared's picture

Sorry, your guarantee does not cover water damage to you big apple.

 

Thank you for shopping with us.

Wed, 11/07/2012 - 10:58 | 2955706 Mercury
Mercury's picture

There's still a chance AAPL products could become a direct entitlement or get one of those arbitrary Obamacare waivers.

Which politicians do they own?

Wed, 11/07/2012 - 10:20 | 2955716 Timmay
Timmay's picture

Apple is satanic, check the logo.

Wed, 11/07/2012 - 10:20 | 2955717 ziggy59
ziggy59's picture

And Cramer still has a job? What a country!

Wed, 11/07/2012 - 12:16 | 2956360 philosophers bone
philosophers bone's picture

Yeah, OK, Cramer is wrong about AAPL.  But he's correct that silver isn't a "junk metal", right?  Hello? [cricket sound]

Wed, 11/07/2012 - 10:21 | 2955718 falak pema
falak pema's picture

imagine the trouble in the leveraged HF store who joined the Apple n Google bus madoffly; oh the pain on ending up in capitalist Sing-Sing...if you have to declare your losses to your mafia bosses and investors.

This will end badly like an offer to jump into the Hudson river that the HF managers can't refuse or defuse! 

Wed, 11/07/2012 - 10:22 | 2955724 youngman
youngman's picture

Obama will change the Obama phone to an Apple I-Obama phone....that will fix it

Wed, 11/07/2012 - 10:27 | 2955746 nameless narrator
nameless narrator's picture

O's first, second-term, executive order should be:  apple must do flash on iOS.  

the big kahuna wants to watch bballer clips of his fav team.

the stock gets pounded until they open up app delivery.

Wed, 11/07/2012 - 10:28 | 2955752 Strange-Currencies
Strange-Currencies's picture

All very thoughtful comments

Wed, 11/07/2012 - 11:25 | 2956028 buzzsaw99
buzzsaw99's picture

Disagree. tha crackas upthread be bangin' for the arayan bros.

Wed, 11/07/2012 - 12:40 | 2956550 machineh
machineh's picture

MOARons!

Wed, 11/07/2012 - 10:28 | 2955755 Lendo
Lendo's picture

iPhone 5 and removing Google Maps fail.  What jerks.

Wed, 11/07/2012 - 10:49 | 2955846 pods
pods's picture

But they made one thing bigger and the other thing smaller.
That's innovation!

pods 

Wed, 11/07/2012 - 11:08 | 2955932 Lendo
Lendo's picture

Whilst suing their vendors.  You can't make this shit up.

Wed, 11/07/2012 - 10:29 | 2955758 ExhiledInMass
ExhiledInMass's picture

rookie here...what is VWAP Please?

Wed, 11/07/2012 - 10:32 | 2955767 buzzsaw99
Wed, 11/07/2012 - 10:35 | 2955785 ExhiledInMass
ExhiledInMass's picture

now why didn't I think of that? thank you

Wed, 11/07/2012 - 10:29 | 2955761 machineh
machineh's picture

WHAT ... patent trolling isn't working?

Send lawyers, guns and money!

Wed, 11/07/2012 - 10:32 | 2955770 Sudden Debt
Sudden Debt's picture

LAUNCH IPHONE 6 NOW!!!!!!!!!!!!!!

THE IPHONE WITH A SMOOTHER GLAS TOUCHSCREEN!!!

 

 

Wed, 11/07/2012 - 10:34 | 2955780 dobermangang
dobermangang's picture

The next iPhone needs to be made of gold and capable of shooting lead.  It will be a winner.

Wed, 11/07/2012 - 12:34 | 2956497 toady
toady's picture

I keep saying that whoever comes up with the mobile device that fires 9m will corner the market.

Wed, 11/07/2012 - 11:33 | 2956082 EscapeKey
EscapeKey's picture

Reminds me of several years ago, when Microsoftees came around to my former place of work, trying to tell us why we should upgrade from Win2k to XP;

The primary reason was multiple users could be logged in at the same time (10 years later, and im yet to use that in a professional capacity).

The secondary reason was translucent icons on the desktop (!)

Although XP was by far the best OS at that time, I think MS had reached the "consolidation" stage. Win7 is awesome, but again, not much genuine innovation since XP.

Wed, 11/07/2012 - 12:04 | 2956263 ebworthen
ebworthen's picture

Agreed, they can't even bundle a decent photo or media editor.

And, they make Windows more like Mac; hiding the "guts" of the file system and icons instead of WORDS and file menus.

DUH.

If I couldn't build or buy a PC for 60%-75% less than a prorietary Mac I would have converted already.

Wed, 11/07/2012 - 10:32 | 2955771 dobermangang
dobermangang's picture

Told ya.  Gun stocks are hot.  And Obama is their best salesman.  SWHC and RGR looking good.  Got Guns?

Wed, 11/07/2012 - 10:33 | 2955775 orangedrinkandchips
orangedrinkandchips's picture

When you have everyone in a theater trying to get out at once, out one door, good luck.

 

The Colleseum in Rome was a masterpiece. Not only can you go to watch people kill eachother, but, it would take less than 15 min. for everyone to get out.

 

Now...with AAPL.....it's like the average american buying 1 seat on an airplane.....yea...like they can fit on one seat!!!

 

 

Wed, 11/07/2012 - 10:49 | 2955848 samcontrol
samcontrol's picture

i don,t know where you get those 15 minutes from....

Wed, 11/07/2012 - 11:57 | 2956228 css1971
css1971's picture

Did you know, that what determines the average speed of an urban train, is not it's top speed, or it's power, or how fast it is able to accelerate... But the size and spacing of the doors.

Wed, 11/07/2012 - 10:35 | 2955789 fonzannoon
fonzannoon's picture

Get in there and stick save this Bernanke you fuckin fuck!

Wed, 11/07/2012 - 11:12 | 2955958 BeaverFever
BeaverFever's picture

+1 for hockey reference

Wed, 11/07/2012 - 10:38 | 2955802 buzzsaw99
buzzsaw99's picture

hedge fund hotel welfare babies were hoping for some romney handouts.

Wed, 11/07/2012 - 10:41 | 2955812 mdtrader
mdtrader's picture

Just a bunch of idiots and algos selling. When they are done normal upward service will resume. 

Wed, 11/07/2012 - 10:50 | 2955854 Lost Wages
Lost Wages's picture

Yes, the fact that the market went up yesterday, but then went down today, only tells me that most traders are morons.

Wed, 11/07/2012 - 10:57 | 2955880 fiftybagger
fiftybagger's picture

Lots of monday morning quarterbacks.  Not a lot of people who called it:

Silver Update 4/5/12 Apple Bubble

Silver For The People

http://www.brotherjohnf.com/

Wed, 11/07/2012 - 11:06 | 2955917 muppet_master
muppet_master's picture

"high beta"

don't understand the lingo, don't care to "learn" it..its a bunch of ponzinomics Odummernomics...i called the TOP @ $700..when at 690 posted here on ZH that it was a massive panic short sell (aapl)

when @ 590 made fun of it...then TEMPORARY POP to $610 (YAWN...RIDING shorts & ENJOYING LIFE = spend ONLY 10 minutes/day max watching casino)...now zh says its at 560....i haven't checked my broker # yet...LOL !!!

 

Wed, 11/07/2012 - 11:11 | 2955956 constantine
constantine's picture

My guess is that those who are waiting for AppleTV to be the next cashcow innovation from this company will be very disappointed.  After observing Apple's complete takeover of the music industry, I can't imagine that the cable and TV will make the same mistakes and give up their turf.  Apple is not a bubble based on its current valuations but the world's consumer is a bubble and once it pops, Apple's meal ticket will be burned.  As I'm sure most bloggers here will agree, Apple has topped out.  I'm just waiting to see how NASDAQ will manage an excuse to decrease its massive weighting in the index.

Wed, 11/07/2012 - 11:16 | 2955980 Raymont
Raymont's picture

Somewhere Reggie is smiling...

Wed, 11/07/2012 - 12:36 | 2956511 BeaverFever
BeaverFever's picture

Methinks he's probably masturbating over the bag of checks he receives from the CIA each month for promoting Gobble.

Wed, 11/07/2012 - 11:28 | 2956046 Mad Mohel
Mad Mohel's picture

Good luck resurrecting Jobs, and I don't mean the guy with the rimless glasses.

Wed, 11/07/2012 - 11:58 | 2956243 poor fella
poor fella's picture

Smith & Wesson up almost 9%. Ruger not doing bad either.

Priorities priorities

Wed, 11/07/2012 - 11:59 | 2956251 VonManstein
VonManstein's picture

FCUK ME IS DID ANYONE SEE CORN AND WHEAT INCREDIBLE MOVES

 

Wed, 11/07/2012 - 12:44 | 2956582 walküre
walküre's picture

Yup :)

Been telling everyone. They can cheat with paper but they can't cheat yield.

Wed, 11/07/2012 - 12:02 | 2956269 Hobbleknee
Hobbleknee's picture

Apple was just ordered to pay $368 million in patent case.

Wed, 11/07/2012 - 12:07 | 2956298 Everybodys All ...
Everybodys All American's picture

Dick Bove before he dicks you.

Wed, 11/07/2012 - 12:09 | 2956307 CashIsTrash
CashIsTrash's picture

Dow is down 300 points...Quick, someone call Benny B!

Wed, 11/07/2012 - 12:19 | 2956375 Trimmed Hedge
Trimmed Hedge's picture

Today's slump in the markets will be termed "Romney's Revenge"...

Wed, 11/07/2012 - 12:10 | 2956315 falak pema
falak pema's picture

As the Dow plunges post Nov 6 election we will now see if Bob Janjuah's prediction is solid.

He warned about a reset after election...now may be the time the market truly turns.

Wed, 11/07/2012 - 13:19 | 2956812 Spastica Rex
Spastica Rex's picture

I want to join a Hutterite colony, but I'm Catholic and I don't speak German.

Suggestions?

Wed, 11/07/2012 - 18:23 | 2958372 Tompooz
Tompooz's picture

Suggestion:

Set up your own colony on a niece piece of land in catholic Philippines. 

Wed, 11/07/2012 - 12:12 | 2956330 Falkor
Falkor's picture

Apple Apple sat of the wall,

Apple QE had a great fall,

All the talking horses and all the POTUS's men,

Couldn't put illusion together again...

Wed, 11/07/2012 - 12:26 | 2956445 muppet_master
muppet_master's picture

HUMPTIDNESS

YOU can believe in...I ain't buying jack !!!

let the widows, orphans and demon-rats buy and hold the empty bag !!

Wed, 11/07/2012 - 12:13 | 2956340 CashIsTrash
CashIsTrash's picture

Does anyone else mimic Han's voice from Die Hard when saying Mr. Bernanke??

Wed, 11/07/2012 - 12:17 | 2956365 Trimmed Hedge
Trimmed Hedge's picture

C'mon, give Tim Cook a break, here..

He inherited this mess from his predecessor...

Wed, 11/07/2012 - 12:19 | 2956380 mdtrader
mdtrader's picture

Was gold in a bear market too every time it had a 20% correction over the last 12 years?

Wed, 11/07/2012 - 12:22 | 2956387 orangedrinkandchips
orangedrinkandchips's picture

To the left, to the left, to the right, to the right
To the front, to the front, to the back, to the back
Now slide, slide, slide, slide
Now slide, slide, slide, slide

I feel a whoop comin on a whoop comin on
5, 4, 3, 2, 1
Come on whoop, whoop, whoop, whoop
Come on whoop, whoop, whoop, whoop
Cotton Candy sweet and low
Let me see that tootsie roll

Wed, 11/07/2012 - 12:20 | 2956393 hustler etiquette
hustler etiquette's picture

glancing at the AAPL iOS boards, a lot of people are pissed off on the 6.0+ updates.  Terrible battery life. X_X

Wed, 11/07/2012 - 12:23 | 2956408 Yen Cross
Yen Cross's picture

 I'll bet all the hedgies are long(xanax) Pfizer right about now...  NASDAQ:AAPL: 562.05 -18.14 (-3.13%) - Apple Inc.

Wed, 11/07/2012 - 12:24 | 2956430 walküre
walküre's picture

Courtesy of Barack Obama. .. the gift that keeps on giving.

Dems did a good job keeping Hillary off the campaign trail.

Romney got 39% of the votes in his own state. They didn't like him there. That should give everyone a clue.

Wed, 11/07/2012 - 13:07 | 2956683 virgilcaine
virgilcaine's picture

Tyler's breaking the moving vwap at 580 was key to this!...we are in virgil bear territory now..nothing like a lean nasty bear coming out of his Den!

vc

 

 

Wed, 11/07/2012 - 13:01 | 2956711 robertocarlos
robertocarlos's picture

It really is simple, just make the Obama phone an iPhone.

Wed, 11/07/2012 - 13:09 | 2956762 virgilcaine
virgilcaine's picture

Systems are fired up... we are still on Sell Signal intrady... I think we're going down to 1380 this afternoon.

Wed, 11/07/2012 - 13:16 | 2956792 Spastica Rex
Spastica Rex's picture

Peak iCrap

Wed, 11/07/2012 - 13:24 | 2956834 virgilcaine
virgilcaine's picture

Tyler's U have been spot on with the "Vwap" ind... I started watching it. Mkt is drawn to it like a magnet and when it breaks it's a major deal.

Wed, 11/07/2012 - 13:28 | 2956861 redd_green
redd_green's picture

Jobs is dead.  So, how long before the lackeys that ran the company into the ground before Jobs rescued Apple do it again?   They can ride the iWave only so long.

Wed, 11/07/2012 - 18:27 | 2958397 Tompooz
Tompooz's picture

 

"They can ride the iWave only so long".

Steve Wozniak is getting an Australian passport and moving to New Zealand.  He's had a good ride on the iWave. 

Wed, 11/07/2012 - 13:28 | 2956864 The Count
The Count's picture

Here is something else to get out of.... Microsoft!

Windows 8 is a disaster. I installed it and regret it. The Redmond guys once again blundered a huge chance. SELL SELL SELL

 

Wed, 11/07/2012 - 13:29 | 2956874 pan
pan's picture

Markets clear bitchez!

Wed, 11/07/2012 - 13:36 | 2956923 Grand Supercycle
Grand Supercycle's picture

As mentioned, APPLE parabolic weekly & monthly charts are at EXTREME levels.

Downtrend on daily chart continues.

Unfortunately longs will be badly burnt.

http://trader618.com
http://www.zerohedge.com/news/2012-12-24/market-analysis

Wed, 11/07/2012 - 13:43 | 2956945 virgilcaine
virgilcaine's picture

Windows 8 is one ugly duck.. like a kindergartner designed it! They need to start smoking something up in Redmond get some of that creativity back.

Wed, 11/07/2012 - 18:08 | 2956989 virgilcaine
virgilcaine's picture

I would like to buy an aapl... it's that China Slave labor thing that i have a problem with and cannot support via their products.

Wed, 11/07/2012 - 14:44 | 2957266 NuYawkFrankie
NuYawkFrankie's picture

Looks like Apple slipped on a Banana peel

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