Why Apple plummets on no news

Apple is down 4% today for apparently no reason. There is no major news on Apple that would justify such a loss. Yet, over the past few months, the stock has been breaking down in an ominous way, usually for no reason other than heavy selling. What gives?
Here's my take. Market leadership has narrowed in the US market as earnings estimates have come in. This year, we are starting to see earnings tick lower year-on-year for the first time in a long time. And Apple, with its huge market cap, is like Cisco or Microsoft were in the late 1990s in that they were must-own stocks for every closet indexer.
When Apple was going way up last year and early this year, the problem for portfolio managers was that under-owning Apple gave them a decided disadvantage in hitting their benchmarks since Appl...


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