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The Non-Drama of Apple

$AAPL released earnings last night, and the usual hoopla and ego swinging was about. They beat, but guidance was tepid (as always) and there was a drop in margins. AAPL was halted, then dropped from a 318 close and ran all the way down to 295. There was panic in the streets, and apparently Jobs was a little miffed on the conference call.

In reality, the drama was a little overblown. The options market was pricing in around a 20-something move in the stock, and unlike $GOOG, the market actually may have got this one right. It just "feels" worse because AAPL went down rather than up.

My conclusion? $AAPL is the Jersey Shore of the stock market. A bunch of fake, non-volatile drama-- but it's so fun to watch.

They Look EXACTLY Alike!

I still feel like that since $AAPL was so oversubscribed, no one was paying attention to $IBM or $VMW, which both had poor reactions. And we've got $GS coming up this A.M. If we get dollar strength and a couple bad reports, it's possible to see a little vol come back into this market, just in time for Halloween.

by Steven Place

Steven Place is the founder and head trader at