One Bad AAPL

You need love but you're afraid
That if you give in
Someone else will come along
And sock it to you again
--Osmond Brothers

Domestic markets open weak this am on the back of yesterday's unexpectedly hawkish FOMC talk as well as renewed EU focus (Spanish bonds getting splattered).

My growing sense is that the near term fate of the equity markets is tied to Apple (AAPL). The moonshot rise in this mega-cap now means that it has outsized influence on the major indexes. Its strength has served to bouy the general tape in the face of slowing momentum.

Should AAPL break down, then the tape will likely follow.

position in SPX