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AAPL's Worst Day In 10 Weeks Drags S&P/Nasdaq Into Red Post-Cyprus

Tyler Durden's picture




 

For the start of a quarter, volume was very weak today (but to be somewhat expected given the holiday) and despite two valiant algo-driven attempts to save the day, the S&P and Nasdaq ended back below its pre-Cyprus levels. The 'magical' Dow ended only a smidge lower on the day as the 'real' markets were all weak. Builders led the drop today but financials (especially the majors) continue to be monkey-hammered (Citi and MS now down 8% post-Cyprus). AAPL also stood out with its biggest drop in 10 weeks as the 50DMA breakout appears to have foxed many fast-money types. The USD faded on the day but provided no juice for stocks as the JPY strength hurt FX carry. VIX made higher highs on the day - hitting 14% as Treasury yields in general slipped 1-2bps. Gold ended unch, Silver down1.6% and Oil's afternoon strength supported some algos under the S&P. Today's equity weakness appears as much a catch-down from last week's disconnects as a possible reflection of the fact that US macro data has seen its worst 3-day run in 9 months.

 

The S&P 500 futures market was all about the algos after the early drop as we retraced twice to VWAP and closed there...


 

It appears the S&P is lowing its uptrend - didn't managed to get back to it today and heavy professional activity (block size)...

 

The S&P and Nasdaq closed back red post-Cyprus - after making new highs at the open...

 

Discretionary is back unchanged from Cyprus but the leaders post-Cyprus are the saf-haven plays (Staples, Healthcare, and Utilities) as high-beta momo is battered...

 

Financials are not enjoying the shine of equity 'strength' at all...

 

And VIX remains well bid relative to stocks since Cyprus...

 

and AAPL was just ugly...

 

as we remind readers that US macro is not happy...

 

Charts: Bloomberg

 

Bonus Chart - Corn-holed...(down 13.5% from Friday's highs)

 

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Mon, 04/01/2013 - 16:22 | 3397133 HelluvaEngineer
HelluvaEngineer's picture

Don't worry, earnings season will be fan-fucking-tastic.

Mon, 04/01/2013 - 16:25 | 3397150 JPM Hater001
JPM Hater001's picture

It'll be a like a party in your mouth.

Still no kiss though.

Mon, 04/01/2013 - 16:33 | 3397179 smlbizman
smlbizman's picture

hey weather channel,...you may want to start thinking of names for these coming storms....ur gonna need about countless names...but you coud lead the way and name the first storm after the banker that meets tree and rope first....than once that is achieved name the next one........

Mon, 04/01/2013 - 16:51 | 3397246 forwardho
forwardho's picture

Slight  head winds with a good chance of banker defenistration.

Mon, 04/01/2013 - 17:11 | 3397315 machineh
machineh's picture

Apple's market cap is 16 times the GDP of Cyprus.

Why doesn't Apple just buy its own island, issue its own currency, and become the first corporate member of the EU?

 

Mon, 04/01/2013 - 16:27 | 3397163 insanelysane
insanelysane's picture

This guy on Bloomberg just took a dump all over this Tesla thing.  The truth is awesome.

Mon, 04/01/2013 - 17:00 | 3397275 adr
adr's picture

Tesla, the alter ego of one Elon Musk, siad today that those who wished to buy the cheapest version of the Model S will no longer be able to do so.

That model is no longer going to be built, but you will be given the 60kwh model for the price of the 40kwh. This new "model" will be software limited to a 40kwh charge, and will be supercharger capable, but not activated.

So if you bougt a 60 kwh Model S, people will be able to purchase the exact same car for tens of thousands less with a software lock to cripple the car. Kind of like a Intel Core i3 that you can pay extra money to unlock software disabled cores.

Musk can now claim all Tesla Model S cars are supercharger capable, even though only buyers of the 85kwh model will be able to use them without paying the unlocking fee.

Wow a car using the cell phone model!!!

I'm waiting for GM to jump on the bandwagon and offer the new V6 Impala for $20k with two cylinders deactivated from the factory. For an extra $5k a GM technician will plug in a laptop and activate the remaining parts of the engine that you already paid for.

Fuck that sociopath Musk.

Mon, 04/01/2013 - 17:08 | 3397295 bonin006
bonin006's picture

how long till hackers figure out how to unlock it?

Mon, 04/01/2013 - 17:14 | 3397324 samcontrol
samcontrol's picture

see the stock price?.... you be smarter than Musky!

Mon, 04/01/2013 - 17:38 | 3397392 robertocarlos
robertocarlos's picture

That was an April fool's story. You left out the part about "free long distance travel".

Mon, 04/01/2013 - 16:29 | 3397166 MiltonFriedmans...
MiltonFriedmansNightmare's picture

Not to worry, simply apply x-12-ARIMA and BTFD

Mon, 04/01/2013 - 17:31 | 3397371 TraderTimm
TraderTimm's picture

Wake me up when something really interesting happens, like say multiple 5% declines in a row. I've been through this spin-cycle too many times to have hope the equities will finally feel the effect of debt-gravity.

Mon, 04/01/2013 - 16:24 | 3397146 Sudden Debt
Sudden Debt's picture

I wonder how the markets will react tomorrow on the French 75% tax and the Spanish deficit matter.

In a normal world it would take a serious hit.

Mon, 04/01/2013 - 16:26 | 3397154 JPM Hater001
JPM Hater001's picture

That's cute, you still mention normal.

Mon, 04/01/2013 - 16:46 | 3397227 Jackagain
Jackagain's picture

They'll yawn like they always do...

Tue, 04/02/2013 - 06:18 | 3398662 Handful of Dust
Handful of Dust's picture

"normal world"

 

I had to look that up in my Funk & Wagnel for the meaning....

Mon, 04/01/2013 - 16:38 | 3397147 BlueStreet
BlueStreet's picture

Felt like the most manipulated day of the year.  Was it Dr. Potter?  You should call your wife and tell her to slip into something a little less comfortable because daddy will be home soon and he worked 'hard' today.  

Mon, 04/01/2013 - 21:12 | 3397950 Panafrican Funk...
Panafrican Funktron Robot's picture

First day of the quarter tends to be pretty orderly, fireworks start with AA earnings on the 8th.  It's already been kind of a disaster since mid Feb for AA, but this sucker is going sub $8.  AA + gold weakness has been presaging a sharp pullback in the broader market, I think we're at least going to get back to flat for the year by May expiry, but it could happen sooner.  

Mon, 04/01/2013 - 16:26 | 3397152 q99x2
q99x2's picture

Appl has lots of overhead resistance. When MSFT got like that it stayed at 27 for a decade or more.

Mon, 04/01/2013 - 16:48 | 3397235 e1618978
e1618978's picture

But at the start of that decade Microsoft had a P/E of 50 - Apple has an ex-cash P/E of 6.

Tue, 04/02/2013 - 06:20 | 3398664 Handful of Dust
Handful of Dust's picture

How about CSCO? Hasn't budged for years.

Mon, 04/01/2013 - 16:39 | 3397198 peter4805
peter4805's picture

AAPL fools day

Mon, 04/01/2013 - 17:01 | 3397277 B2u
B2u's picture

AAPL is only down 36% since October while the NASDAQ is up.  Oooops.

Mon, 04/01/2013 - 17:40 | 3397396 robertocarlos
robertocarlos's picture

APPL IS the NASDAQ.

Mon, 04/01/2013 - 16:44 | 3397219 Jackagain
Jackagain's picture

Aw....did Wall Street's darling get a haircut finally...how sad for the whole world of finance that iPhone 548 is going to be just like iPhone 4...

Mon, 04/01/2013 - 16:47 | 3397233 caimen garou
caimen garou's picture

corn- holed? hey tylers, i thought you was talking about ben and paul s midnight meetings! sorry, my bad

Mon, 04/01/2013 - 16:57 | 3397263 css1971
css1971's picture

Man those AAPL guys are muppets. Fundamentals? ... hahahhahaha.

Um. Someone developed a corn printer? Post winter ethanol being pulled from fuel?

Mon, 04/01/2013 - 17:00 | 3397273 kushmere
kushmere's picture

AAPL sinks at Bitcoin rises. Not related, except to the masturbatory money printing (MMP) our central banks can't stop. The traffic out of Europe has been unreal on my blog.

http://bestbitcoinsites.wordpress.com

Mon, 04/01/2013 - 17:41 | 3397402 dbarrett
dbarrett's picture

Might try some small amount in BitCoin, but still think the NSA/gov't can shut that down at any time.  Gold seems to be in the doldrums....institutions are getting bored of it I think. I still like my Gold Price Girl though (but yesterday's girl was better)

Mon, 04/01/2013 - 17:10 | 3397313 short screwed
short screwed's picture

Maybe Tim Cook should try offering Kim Jung-un free Apple products for life if he obliterates South Korea and Samsung.

Mon, 04/01/2013 - 17:35 | 3397379 EclecticParrot
EclecticParrot's picture

Surprised that the R2K index got no mention, as it got slammed 1.3% today and, most interestingly, was presaged by Friday's final 5-minute candle, which cliff-dived a full third of a percent.  Clearly, 'somebody' knew what the plans might be for the Russell today -- no such 'coincidences' exist in the post-HFT world.

Wouldn't be crazy to think it might test the Feb/Mar breakout area, but as we know on any given daythe Russell-goosing algos, who have "too much caffeine in their bloodstream, and a lack of real spice in their life", can levitate through self-flagellation, much to the dismay of shorts, who might be wise to watch monthly charts before taking anything other than a daytrading position.  Predictably, we're still more likely to test the May-2011 highs before the Oct-2012 lows, such is the nature of "small crap" indices.

Mon, 04/01/2013 - 17:38 | 3397393 dbarrett
dbarrett's picture

I like my Samsung Galaxy better anyway.....and Apple's politics suck as they are big Statists!

Mon, 04/01/2013 - 17:42 | 3397399 Colonel
Colonel's picture

Give it time, AAPL still has a long way to fall.

Mon, 04/01/2013 - 19:11 | 3397662 Shizzmoney
Shizzmoney's picture

Until they make an iPhone with a vagina, AAPL will never make a serious profit margin again.

Mon, 04/01/2013 - 20:43 | 3397877 virgilcaine
virgilcaine's picture

Abby normal.

Tue, 04/02/2013 - 06:22 | 3398668 Handful of Dust
Handful of Dust's picture

How many iPads does a person need?

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