The market slipped for the second straight day, an aberration here in 2012, after a late-day slide. The damage was minimal though, with the S&P slipping only 0.2% and the Dow 0.35%. The Nasdaq was strongest, actually eking out a gain of 0.04%.
Apple (AAPL) also sprang a surprise by closing red on the day, down 0.6%. Some may have been tempted to pick a top in the world’s most valuable stock after a remarkable run in 2012, but AAPL has yet to budge. It made new all-time highs on the day before pulling back in the last half hour.
Also denting sentiment was mixed existing home sales data, breaking a trend of gradually improving data that had investors looking more favorably at the prospects of an economic recovery.
Sandisk (SNDK) has been featured recently on the Off the Charts newsletter and we called it out today on the Virtual Trading Floor and Twitter, and it had a nice breakout move out of its wedge pattern after being largely out of play this year so far. It’s a quality company closely tied to AAPL, so I expect its fortunes will continue to rise.
Disclosure: Scott Redler is long ZNGA, LNKD, SNDK, BIDU, TBT, CZR, MSFT, DNKN, LVS. Short QQQ, SPY.