Poof Go Morning Gains as Apple (AAPL) Continues to Pressure Nasdaq « Market Montage

The labor data was faded and a poor consumer confidence number has helped erase the premarket ganins.  Next we have Boehner v18.0 to tell us about the cliff at 11 AM.  Markets continue to churn churn churn.

Frankly the fact the NASDAQ has been holding in despite an awful week from Apple (AAPL) has been relatively impressive.  That said, it seems very difficult to see a scenario the NASDAQ goes and breaks its inverse head and shoulders formation if Apple continues this poor action.   After the knee jerk bounce yesterday, Apple has begun to roll over again.  A break of yesterday's lows and then Nov 16 lows would of course strike a traumatic blow to this market.   We can look at all the secondary indicators we wish to but Apple has become so omnipresent it will lead the market eventually.  This was true to the upside earlier in 2012 and true now.  I try not to harp on this one stock since 90% of financial TV seems devoted to it (in non fiscal cliff/Euro panic/Fed days times) but its weight on the NASDAQ is simply too much to ignore.

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