Wall Street finds new sources of angst

by Patti Domm

“There’s no correlation between crude oil and the S&P 500 right now, although there has been at times in the past,” said John Kosar, chief strategist at Asbury Research. “But Apple is the big one to look at for big-name stocks that move like their larger indexes, and Apple is the poster child for that.” Apple is positively correlated to the Nasdaq 100 and S&P 500, he said. It’s also a member of the Dow and contributed 19 points of its 91-point decline Monday.

“This is where Apple should hold. This is where new buying should come in. This is where everybody should love Apple. If they don’t love Apple, and it rolls over, for me, it has broader implications for the broader market,” said Kosar.

Asbury Research subscribers can get charts and more details about AAPL from today’s report entitled:
AAPL: Canary In The Coal Mine?

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