Energy Shadows Apple
As US indices post their biggest daily decline in over a week following Apple's warning fallout, here are some facts to bear in mind: Apple has contributed to 217 pts in the rise of the Dow Jones industrials index (or 20% of the index rise) since the start of the year. Over the last 6 months, Apple's rise made up 810 pts or 23% of the DOW30's rise. As we speak, Apple pared down its day's losses from 4% to 2% and ironically, the worst performing sectors are energy, financials and industrials, only to be followed by technology. Utilities were the best performing sector of the day and the 2nd highest performing sector year-to-date. For a defensive sector such as utilities to have a robust performance at a time when stocks are near their highs reflects the uneasy nature of this rally. If history is any guide, Apple's selloff will last for at least 4-5 weeks. More of that is discussed in today's video Premium subscribers.
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