The Apple stock roller coaster
Up $25 in early trading, Apple stock plummeted late in the day, dragging the rest of the market down with it.
This file photo shows the front of an Apple store in the Beijing district of Sanlitun. After a morning of strong trading, Apple stock plummeted late.
David Gray/Reuters/File
Funny story - I'm on the air today at 12 noon for the opening segment of Fast Money on CNBC. The topic is Apple ($AAPL) for a change and the stock is up like $25. And the talk turns from "maybe people should take profits" to "hey, imagine what happens if there's a blow-off top and Apple pulls the rest of the market down?" Keep in mind that Apple is once again like 16% of the QQQs and 10% of the S&P. It's also a psychological leader for obvious reasons.
I'm long the stock for customer accounts so I'm certainly not thrilled - but wouldn't ya know it, not 5 minutes later the stock loses half its gain on the day and by the end of the show, it's negative on the session. And right on cue, the rest of the market is dragged lower with a sinking Apple as anchor.
I have no idea if that's my fault, possibly the last ten points up in the stock were on fumes and profit-takers just needed any excuse. If this is the case, I hope Apple longs will forgive me.