In the past 10 days, the major indexes haven’t really budged, and the Dow is actually down 100 points. Meanwhile the VIX has jumped by 25%, Bespoke Investment Group remarked in a note this afternoon. In fact, the S&P 500 may be getting propped up by Apple (AAPL), which has a particularly large weighting in the index.
As of this afternoon, “78% of the stocks in the S&P 500 are currently trading above their 50-day moving averages, down from a reading in the mid-80sÂ earlier this month.Â Â Apple can’t go straight up forever,Â and ifÂ it does pull backÂ or trade sideways for awhile, it will be interesting to see if the rest of the market picks up the slackÂ or completely falls apart.”
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