Since September 18th, $AAPL, the largest market cap stock in the universe, has fallen 30% while the SP500 has managed to eek out a 1% gain.
This was a healthy rotation out of a single stock which contributed an outsized positive influence on the broad market during its glorious ascent for almost 3.5 years beginning in early 2009.
If someone had said 4 months ago that $AAPL would crash and the market would hold steady, we’d have thought him ridiculous.
Meanwhile, Tom DeMark came out last night and called a bottom in the name.
If DeMark is right, this would be incredibly bullish for the broader market after digesting $AAPL’s extraordinary reversion so constructively.