Something interesting happened to Apple’s share price at about 3:45 p.m. Thursday, just as the bottom was falling out of the rest of the market — leaving the Dow down 679 points (7.3%) for the day.Ah, if only Rico had the money to buy some shares...
That’s when Apple reversed course and started moving up.
The trend continued early Friday morning. Even as the Dow fell another 600 points in first few minutes of trading, Apple was enjoying its own private rally. In mid-morning trading, Apple was up nearly 8 points (9%) while the Dow was still deep in the red.
It closed the day at 96.8, up 8.06 (9%), while the Dow ended down 128 points (-1.5%).
The divergence is even clearer when you compare Apple’s performance with the NASDAQ (see chart.) There’s no telling how long this will last, but for the moment, Apple’s shares seem to be going their own way.
12 October 2008
Counterintuitive is so weird
Rico's been saying it for years, but CNN agrees with him:
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