No Jobs at $AAPL
Word on the Street is Steve can no longer run the show at Apple. Here’s the Bloomberg scoop.
Though this chart doesn’t reflect the new low of $76.51, it does reinforce my belief that surprises tend to move stocks in the direction of the primary trend.
Participants long Apple stock are prone to frustration and panic due to the overwhelming downtrend. Tomorrow probably won’t mark a long term bottom, but it could be an opportunity to play an upside bounce once everyone stops freaking out.
Apple remains an emotional stock due to beliefs of its fundamental value coupled with its overwhelming technical weakness. This sort of divergence creates irrational participants who become addicted to the biochemical responses that accompany fear and greed. Check out the posts on StockTwits to get a feel for the psychology of interested participants here.
My feelings about Apple have kept me away from this train wreck, but the lesson here is incredibly valuable. Don’t let intuitions about fundamental worth supersede the objective judgment of price action.