Decline Felt Forced

 | Oct 23, 2012 | 4:21 PM EDT  | Comments
  • Comment
  • Print Print
  • Print
Stock quotes in this article:

aapl

,

dd

,

coh

,

whr

,

hog

,

goog

,

rost

,

mmm

The Dow Jones Industrial Average's Apple (AAPL) fell 21 points today, bringing the rest of the market down with it.

Admit it, don't you feel that Apple changed the entire direction of a market that was trying to rally despite Dupont's (DD) dastardly report?

I think that the decline today felt as forced as the advance was yesterday, meaning that there was so much selling pressure that it seems a little absurd. We are resetting earnings estimates by the minute now.

After all, the decline in oil took everything down today -- everything -- even as many of the companies that got hammered have been bellyaching about, you get it, oil. We had some big, consumer, uber-discretionary companies do well: Coach (COH), Whirlpool (WHR), and Harley-Davidson HOG. And we had two stocks, Google (GOOG) in tech and Ross Stores (ROST), that had led us down in retail, actually rally.

I know it was a hideous day. But if the market hadn't rallied yesterday at 3:30 p.m., I think you would have said, "OK, I get it, Dupont and 3M (MMM) were weak and Apple's giving up what it has got." With the benign big-cap earnings tomorrow, if oil is down again, the transports won't be the only stocks that rally.

Columnist Conversations

It's been a strong month for oil so far, but as we come out of the holiday weekend, it is likely that we will ...
WMT's new domestic-store only, money transfer service looks to be a brilliant move. The retailer is undercutti...

BEST IDEAS

REAL MONEY'S BEST IDEAS

Columnist Tweets

BROKERAGE PARTNERS

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.


TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.