At about 11 am EST, a one million share block of Apple stock hit the open market and that sent shares plunging.
Apple wasn’t the only one to feel the effect of this big sale, the NASDAQ promptly sold off and index followers dropped other shares as well.
Since that time, there has been significant divergence in the three major indices. Does this mean that the run in tech stocks is over?
There is no doubt that a 1M share block in AAPL has spooked the market… will this lead to other big trades by big institutions?
I remember back when a huge block of XOM was crossed by Goldman Sachs that was done at $2 below the market and literally scared many players right out of the market. Can the same happen here?
Let us know what you think of this big trade!
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Zacks Investment Research
