Forbidden Fruit:
As the major benchmarks scored nice gains to start the week Monday, one could come away impressed that it was done with very little help from the planet’s largest stock (with MSFT’s latest move it has surpassed Aramco as the second most valuable stock on earth). The chart below of AAPL is not bearing too much fruit these days (as far as I know the only other fruit name is CTLP) and it was essentially UNCH Monday and recent distribution, most notably the 7% WEEKLY loss the week ending 8/4 still looms large. There was another 6% loss in the first week of September and it could be forming a double-bottom pattern here, but if it can not get above 182.50 this week all bets are off for that. This stock is so important to so many benchmarks and ETFs and for it not to contribute at all today speaks volumes. Perhaps bulls can say look what markets did without its help. But with earnings seasons coming into high gear, it is often good to take precautions.