Is $AAPL’s Fade a Bigger Sign of Overall Market Activity

“AAPL continues to fade. It’s down another 1.5% today.

Part of the story here is well known: Steve Jobs is gone, there’s no big blockbuster product on the horizon, and Samsung is a real threat to the iPhone.

But there’s a bigger story.

Mark Dow tweeted this great chart comparing Apple to the gold miners over the last year.

 

 

Says Dow: Not saying that $GDX (blue line) and $AAPL are similar behavioral phenomena…well, actually, I am.

We wrote about something similar a couple of weeks ago.

For years during the crisis, Apple was basically an asset class of its own (like gold). While the rest of the market was moving in tandem, Apple was ripping higher, divorced from market gravity….”

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