“Just when we were preparing to sell additional Apple positions on Monday because of the continued selling pressure on the stock, the action reversed in a major way,” Jason Schwarz writes for TheStreet.
“In the early hours of trading [yesterday] the Dow was up 140 points and Apple (AAPL) was being held down (it was up $1),” Schwarz writes. “We figured that the hedge funds were following though with their selloff attempts of last week but at 1:30 pm EST, it all changed as Apple skyrocketed $10.”
Schwarz writes, “What might have caused the jump? Most likely it came from leaks connected to Tim Cook’s trip to China. The last thing a selling hedge fund wants to discover is that there is good news hitting during a supposed quiet period. Cook is proving to be less predictable that Steve Jobs was… In the past, short sellers loved using Apple because its secrecy and calendar driven innovation opened the stock up to uncontested manipulation during the quiet periods. That precedent may be coming to an end.”
Read more in the full article here.
MacDailyNews Take: Uncontested AAPL manipulation we will not miss.
[Thanks to MacDailyNews Reader “Jim L.” for the heads up.]