Tech trouble sparks wave of selling on Wall Street (DJIA down 246)

CNNMoney ^ | 9/25/2014 | Matt Eagan

[Signalman]

CNNMoney's Fear & Greed Index is now flashing "extreme fear," compared with just "fear" a week ago. Very recently, this gauge was in all-out "greed" territory. Safe haven demand, a key metric in the Fear & Greed Index, switched to "extreme fear" from "neutral" earlier this week.

It's important to remember that low trading volumes caused by the Rosh Hashanah holiday could be exacerbating the selloff. Low volume makes it harder for buyers and sellers to pair up.

Sour Apple: One stock that's not seeing a shortage of volume is Apple. The tech giant dropped 3% on Thursday in the wake of apparent glitches with its iOS software update. Some Apple customers have also complained that the new iPhone 6 Plus is bendable.

"It's the last thing you bought so it's the first thing you sell. It's big and liquid," said Michael Block, chief strategist at Rhino Trading Partners. Other tech stocks are also under pressure, including Apple supplier Avago Technologies (AVGO), SanDisk (SNDK) and biotech names like Celgene (CELG) and Biogen (BIIB).

[proxy_user]

The market goes up, the market goes down. I guess some ‘investors’ are still surprised to hear this.

[RayChuang88]

At DJIA 17,000, even a 300 point drop would have effectively NO consequences on the overall equities market. Now, that 500 point one day drop in 1987--that was highly significant because a huge fraction of DJIA value was lost.

[minnesota_bound]

My apple stock - aapl is bending downwards.
Will Apple replace any losses?

[adorno]

My apple stock - aapl is bending downwards. Will Apple replace any losses?

Apple still has that aura of invincibility. It means that, no matter what kind of junk they release, or how far behind in technology they are in comparison to the competition, the Apple faithful will still line up for miles, looking to get their hands on the latest (but not so greatest), of Apple junk.

[minnesota_bound]

My co-worker said the same thing today. I told him that Apple had made 10 million iphones 6 and not tested them and he said that 6 million people would still line up just because it was Apple.

[windsorknot]

The market drops and the inevitable panic ensues that causes the public to sell low. They will start to buy again when the market is in nose-bleed territory.