Quick note on today’s action…

Headline reads: 

“Dow turns negative, giving up 200-point gain, as Apple rolls over”

Well, yes, Apple has rolled over, and while it would be nice if that were the long and the short of it, it’s clearly not. 

In that we’ve devoted more than ample space herein of late to what it is, I won’t belabor that this morning. Instead I’ll simply offer up a snippet from the essay I recently penned on Apple’s latest developments. I encourage you to read the entire post if you missed it:

“….if an Apple miss could stall the rally, should we be worried about the state of the market overall? Well, while Apple is indeed a monster, it’s not the market overall, not nearly. Now, having said that, if it had posted sour apples, and an outlook that suggested the world’s consumers had not the $700+ it takes to stuff the latest iPhone rendition into their spoiled teenagers’ Christmas stockings, that would be a whole other macro concern altogether — and we’d be having an entirely different discussion about the current economic state of affairs. But, clearly, that wasn’t the case, not even close; earnings and revenue were wonderful (truly) and the outlook was anything but recessionish.”


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