As we write this:
NEW YEARLY HIGHS ON THE NYSE AND NASDAQ- 144
NEW YEARLY LOWS ON THE NYSE AND NASDAQ- 420
Stunning to watch many having fits over Apple being down 6-7% this morning. Do they not realize it is just back to where it was after the recent romp to the upside? Living by the laws of the market, unless the stock has a strong reversal today, it just goes back into the trading range it has been in since February. That’s all. The last primary breakout was at $120…which just held on July 9. A break below would violate the 6 month trading range…and that’s when one should get more worried. If there is one issue that sticks out for us with the stock, it is that everyone on this earth (ok, almost everyone) owns the stock. When everyone owns a stock and things turn south, there is only one thing left to do. We keep watching because in our eyes, it is the most over-owned stock in history and has a large effect on the psychi of the market!
Since the NDX has been leading, we now get to see how ugly it can get off of Apple and also Microsoft, who is also coughing one up.
Most of the rest of the market is blah!
The New York City Council may vote as soon as this week on Mayor Bill de Blasio’s plan to limit the growth of ride-hailing service Uber. Crosby & Higgins Co-Founder Todd Higgins weighs in on “Bloomberg Markets.”