Stocks Market Drunk Off Apple Schnapps
The S&P 500 and NASDAQ continue to push higher, even with weakness in many leading stocks. This push higher is a result of the market being drunk, euphoric over the continued major pop in Apple Inc. (NASDAQ:AAPL) . The leading technology stock is trading at $524.42, +14.96 (2.94%) and makes up a huge percentage of the PowerShares QQQ Trust, Series 1 (ETF) (NASDAQ:QQQ). Its weighting inside the NASDAQ 100 means it can carry the index higher itself. To put it in even more of a crazy perspective, the last day of 2011, AAPL closed at $405.00. The high of the day today is $525.32. That is a whopping 2012 gain of 29.71%.
While Apple continues to rip higher and keeps the markets higher, it is even more insane to look at other leading stocks fall. For instance, JPMorgan Chase & Co.(NYSE:JPM) is trading at $37.91, -0.01 (-0.03%), Exxon Mobil Corporation (NYSE:XOM) is trading at $84.29, -0.38 (-0.45%). Even technology big boy Amazon.com, Inc. (NASDAQ:AMZN) is trading at $191.00, -0.30 (-0.16%).
The fact that the other leading stocks in the market are flat to lower truly shows the power of Apple Inc. While extremely extended, the push continues. According to what Wall Street is seeing, when Apple pulls back, the whole market will pull back.