Fast Money Blog- 9/8/23

Here’s the big story this week on Wall Street:

Apple stock (AAPL) saw shares fall from a high of $187.85 on Tuesday, September 5th, to a low of $176.06 on Thursday, September 7th. This was a highly unusual decline for the star of the Dow Jones Industrial Average. 

Why the drop? Here’s the scoop:

The decline came following reports that the Chinese Government had banned state employees and agencies from using iPhones for work. Reports also stated that the Chinese Government wants its workers to solely use phones from China’s Huawei Technologies Inc, which recently launched its flagship model, the Mate 60 Pro.

The rumor is that the Chinese government fears that Apple is using their iPhones to spy on Chinese government workers by tracking their whereabouts, data and habits.  

For the long-term investor this week’s Apple pull back was a golden opportunity to purchase more shares and/or long-term LEAPS options on the next 1% up day. 

Outside of Apple’s volatile week, the U.S. stock market behaved predictably for the period leading into 9/11.

Keep in mind that we are heading toward the 4th Quarter where historically the market returns to it’s bullish Q4 patterns and window dressing. 

We have a lot to look forward to!

Stay Open! Stay Positive!

Tyrone Jackson, The Wealthy Investor