All three major stock-market indices completed three consecutive weeks of falling today as we head into fall next week. The NASDAQ, as you see in the opening graph, has set up a clear trend of perfectly aligned closings this week.
This summary of the market in September — the bullseye for my target dates for the market’s big fail — will be short but sour, as I try to focus my writing time on my next Patron Post. I just could not resist commenting on this week’s decisive market close.
Apple loses more than one big byte
The NASDAQ is important because it is loaded with those high-tech stocks that have been the only thing taking the market up at all year. The generals, however are retreating.
Apple, for example, was the fastest to rise in the market’s melt-up stage and is already the fastest to have fallen into its own bear market, which it entered today by ending more than 22% below its last all-time high on Sept. 1. That’s half a trillion in value snapped off in what, today, became Apple’s fastest fall into a bear market since 2008 when it lost half its value in forty days. It may arguably be Apple’s fastest fall ever:
Apple fell by 50% in 21 days during the October surprise of 1987. However, that one took a few days longer and then mostly happened in one all-out market-busting day known as Black Monday. It hardly counts, anyway, since Apple was only priced at $14.80 per share!
Read the rest here: https://thegreatrecession.info/blog/stocks-are-falling-into-fall/