It's the upside down part at the apex of that rollercoaster making everyone so confused about the markets today, so good call with the photo!
The overall market action is exactly like it too. How many days in the past can we recall where the Nasdaq was up over 6% in a day? It hasn't been many, with the last time being "over two years ago" according to CNBC yesterday without a specific date mentioned.
That was Hammer Time as I like to call it, since the sledge hammer in our stock market carnival landed very hard to ring that bell at the top during the market euphoria of our pandemic. Mid to late September of 2020, if memory serves, or maybe it was August? Doesn't matter. What a weird and awful year that was for us all, and memories fade so easily now.
As for AAPL, these short term swings can certainly be profited from, but I haven't seen news of any major layoffs or hiring freezes yet with them. Apple is the tech bellwether now and will continue to be (when's the last time time we heard that term used with frequency regarding tech?), but AAPL will be brought down with the rest when the rally we're currently in fades. It'll be less so on a percentage basis though than all other big tech with higher PE ratios –– but all of of the top five of the S&P500 by market cap are around 24 last I checked. Still very high for tech, historically.
Amazon announced hiring freezes for executives for months to come yesterday, that is their warning so far.
The smaller tech warning yesterday was from LYFT, they're cutting 13% of their workforce, or 700 jobs.
Bah, and crypto? Still all smoke and mirrors, financially. Can't see through what isn't transparent to begin with, and my crystal ball is still broken with that market. The fact discussion of fictitious computer code currencies took up so much airtime on CNBC yesterday is the bellwether of " irrational exuberance" if I've ever seen it. Yep, that's a reference to Alan Greenspan, him I remember. |
