“Shares in Apple Computer experienced two sharp downward spikes today,” Mike Taylor reports for The New York Observer.
“The bearish Fight Club enthusiasts at Zero Hedge think Apple has experienced two mini flash crashes in one day,” Taylor reports. “Former tech CEO Karl Denninger, blogging for Seeking Alpha, sees today’s Apple action as an indication that the market is too dangerous for the retail investor: ‘Folks, this sort of crap is totally out of hand. And it’s now a daily game that’s being played by the machines, which are the only things that can react with this sort of speed, and they’re guaranteed to screw you, the average investor or trader.’”
“Meanwhile, Dow Jones Newswires attributes the move to rumors that chief operating officer and Steve Jobs’ No. 2 man Tim Cook is leaving for Hewlett-Packard. (Cook has denied that he’s leaving.) …The Financial Times takes a balanced approach, but also stops to note that viewed over 10 days, Apple’s spike downward looks much more severe than it does no the intraday chart,” Taylor reports. “Plus, there were weird spikes in other tech stocks — Research in Motion, IBM, Dell, General Electric, Oracle, Microsoft and the aforementioned Hewlett-Packard.”
Taylor reports, “Whoever’s right, and it could very well be nobody, we can be confident of one thing: Even to seasoned market observers, sudden price moves in stocks don’t always have explanations that are immediately obvious. Careful out there!”
Full article here.
MacDailyNews Take: One thing’s for sure: The morons at the SEC will be the last ones to figure out what’s going on.