Restrained by AAPL’s leaden performance, the Dow eked out an unusually small gain Monday, rising by an unnewsworthy 98 points. Buyers aren’t necessarily spent, just timid about going for the gusto without leadership from the world’s most institutionally owned stock. They are certain to try again on Tuesday, especially with AAPL’s canny sponsors doing their part to rev up short-covering ahead of the opening. Just before midnight, the stock was oscillating slightly beneath the intraday high, still underwater and within an extremely tight range. If it merely holds steady in the early going, bears who kept their cool on Monday are almost certain to panic. The feedback loop with AAPL should be sufficient to propel the Dow higher by at least 300 points. We shall see.
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