There is no doubt that the stock is broken. I am using $80 as my line in the sand on my small position.
I remember shorting Apple this summer when he stock was $180 for 20 or so points (look it up) when the stock would rarely budge on negative rumors. That seemed ridiculous.
Now the stock drops 10 percent on the same rumors, even though the stock is down 60 percent from it’s highs.
It’s not the news any longer, it’s the mood of the market.
If the government were to reopen or get super aggressive on Steve’s backdating option activities today, the stock would open in the 60′s.
I own the stock because owning the common is the only way I can own a piece of Apple. I am pissing in the wind at this point though as it seems destined to break $80 as the mood of this market is most likely going to get WORSE.
I used to attend MacWorld religiously to hear Steve Job’s speak. I gave up a few years ago when you had to start lining up one night early. That’s just ridiculous. Period.
Trade Shows themselves are ridiculous. No Value. Zero. Period.
Steve is likely sick, but no doubt he understands the silliness that has become his keynote and as John Gruber aptly states:
It’s not that Steve Jobs is fearless, but rather that he’s afraid of not changing. Where other CEOs can’t bring themselves to do something different, Jobs can’t bring himself to keep doing the same thing.