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One Bad Apple

04-20-2018

The stock market was under a bit of pressure through midday, led lower by a 0.5% decline in the Nasdaq, which itself was led lower by a 3% early walloping of Apple on huge volume. It would appear that folks are finally connecting the dots on Apple and some of its suppliers.

"If We Wait Long Enough Maybe No One Will Notice" This is going to be a big problem for sure, but it is a little early to handicap at what rate people will really start to be concerned. Of course, an even bigger question is how the tape will handle next week's earnings. (Some of these tech stocks are reporting so much later than they used to, and in this case, Apple is reporting after most of the mining companies, whose books are much more complicated to close.)

Turning back to the action, in the afternoon the market continued to slide, losing roughly 1% on the day, with the Nasdaq a bit weaker still. Away from stocks, green paper was stronger, oil was flat, fixed income was lower, with the long end particularly heavy once again, and the metals dropped about 0.75%.

Positions in stocks mentioned: long AAPL puts.