The opening bell rang and it seemed we were destined to hit the magnetic 2800 level on the SPX. After the first 15 minutes, we were backing off and the Dow started falling fast – and the catalyst? In all honesty, it does not really matter, whether it was today, tomorrow, the next, one way or another this market is poised to hit the big numbers, all it needs is a reason.

Is it tomorrow’s CPI numbers? Wednesday’s retail sales? This market just seems to do the opposite of what everyone thinks it is going to. Do we hit resistance? Do we fall? All we can say with absolute certainty is that we put our capital where there is value.

Taking a look at AAPL, it has held up incredibly well. The Dow fell -0.62% and AAPL closed the day up +0.97%. Now that is what we like to see when we say relative strength.

In Astute’s portfolio, AAPL will always be a long and we will of course hedge it when appropriate. The one thing that did catch our eye is that the VIX closed up +1.14 points and the S&P was only down -3.55. Quite the mixed bag. Regardless, big numbers are magnets and after the “enlightened” speakers on the news keep referencing them, they become a self-fulfilling¬†prophecy. After that, if we fall, it’s a value investor’s delight!

AAPL? May I have another bite?