The Day After Sept 11 is Sept 12 – Double Happiness Is Short Lived
With the exception of 2002, 2005 and 2010, the day after the Sep 11 anniversary has always managed to continued the rally of the 11th. We did not quite manage the historic high of 1709.67 touched on 2 Aug but we are close enough.
Apple has delivered the goods again, negatively correlating with the S&P 500.
“Maybe this iPhone will not take off, as the AAPL stock price suggests and the S&P will be saved. As if we do not already have to worry about the taper next ?
AAPL Stock : $464 support. Target $530.” From my post last week, Of Apple And The S&P
Yesterday Apple fell by some 5% whilst the S&P 500 delivered a credible +0.31% return. The Dow performed better even as 3 companies are about to get the boot on the 23 Sept – Bank of America, Alcoa and HP to be replaced by Goldman, Visa and Nike (yes, 2 more financials). Apple was not considered.
Back to Apple and my support buy level is near. It is not like $400 again but hey, we have come a long way since then. Yet a buy on Apple would be a sell on the S&P ?
Sometimes we fear happiness because we know it is short lived.