Stocks are still up today — big surprise there — but some big-time momentum names are sliding.
Doug Kass notes that both Apple and Netflix and Chipotle shares are all underperforming the market, a worrisome indication that momentum is running out.
If Apple does close lower, that would mark the second consecutive day of under-performance. Also underperforming yesterday was Goldman Sachs, normally thought to be in the “leadership” category.
The NASDAQ’s run has been nothing short of remarkable lately. It’s in a territory not since 2000 — when some people were still holding onto .com dreams — and the NASDAQ-100 is currently tied for a record run of 14 straight days of closing above the opening. If it closes higher today, that will break a new all time record.
Of course, while the weakness in Apple can be blamed on the fresh worries over Steve Jobs’ health, that doesn’t explain Netflix (and MolyCorp and some others).