Apple (AAPL) had a minor bounce Tuesday after a gap-down open on reports of poor iPhone X sales, but then the stock traded flattish for the rest of the day. Although the tech giant is a major component of all of the senior indices, the damage that it did to the market was contained.
There wasn't much spillover to other names, and overall market breadth was solid (about 3,550 gainers vs. 3,150 decliners). There were also about 380 stocks hitting new 12-month highs, while small-caps showed some relative strength.
Overall it was another good day for stock pickers, especially as bitcoin-related stocks bounced back strongly. Some of the most-criticized bitcoon names -- like Riot Blockchain (RIOT) and Longfin (LFIN) -- performing the best.
There seem to be quite a few investment pros who feel compelled to warn us of the dangers of trading these very volatile stocks, which have questionable fundamentals. Maybe they feel like that's helpful advice, but it's mostly just annoying to we active traders, who are well aware of the risks and potential rewards.
That said, I remain concerned about the potential for a dip in the major indices as we go through 2017's waning days. I don't think many players are expecting that to happen, as the market's seasonality is historically positive this time of year. However, I've been caught in years past when I believed that an end-of-year dip seemed unlikely.
All in all, there are still some very good stock-selection opportunities out there for active traders. However, stuff like Apple's woes on Tuesday demonstrates how easily we can get caught by surprise.
Let's hope that doesn't happen. For now, have a good evening and I'll see you tomorrow.