Meet me in LA for the Apple Investor Summit in March (And a few thoughts about the stock’s action lately too)

Remember that big reversal in the markets yesterday and how it had everybody on edge coming in today? So what does the market do, but barely move to start the day.

Everybody’s talking about the Apple reversal yesterday and whether “it was significant”.  I’ve read and heard about ten different “reasons for Apple’s big sell off yesterday”, but my own sources out there indicate that there was simply a huge, long-term investor who blew out a bunch of shares while Apple, starting about when Apple topped out at $525.

We had this discussion in the Daily Chat area on yesterday (note that time stamps — this was BEFORE the stock suddenly sold off yesterday):

Cody February 15, 2012 – 10:51 am: Apple to see $500 or $550 next? AAPL to see $450 or $600 next? I’d guess we go back to $500 but not much below that before it gets to $550, but that it gets to $600 before (if at all) sees $450 again.
randy February 15, 2012 – 11:02 am:  seems like the institutions are just buying the crap out of AAPLAlistair February 15, 2012 – 11:03 am: @randy – I agree in fact I know a corporate fund manager who has recently ‘bought the crap out of AAPL’ and is looking to buy morerandy February 15, 2012 – 11:04 am: they need it to make their books look goodscott.davidj February 15, 2012 – 11:52 pm: well, cody was sure right about the 500 before 550 thing on AAPL, not sure wtf is going on, but my trigger finger is getting anxiouswinkyjeff February 15, 2012 – 12:13 pm: Volume is OFF THE CHARTSCody February 15, 2012 – 12:14 pm: Don’t rush. This AAPL action is looking strange.winkyjeff February 15, 2012 – 12:15 pm: strange = insider information about to get released to the public? Or strange = flash crash?musa7290 February 15, 2012 – 12:15 pm: I trusted Cody’s word on AAPL when it was at ~524. I bot when it was 501scott.davidj February 15, 2012 – 12:16 pm: musa, Im right there with youCody February 15, 2012 – 12:16 pm: Neither of those, winkyjeff. Just looks strange. No reason to freak out or anything, just saying that I don’t know if it’ll just bounce right back to its intraday highs — could take some time to rebuild its base and head back to new highs after selling off that aggressively intraday after that recent big spike its had. Just seems strange.winkyjeff February 15, 2012 – 12:18 pm: well, that would certainly make sense and be sensible… but since when do we expect the market to be sensible? AAPL’s rise last few days has been insane…The bigger question is does AAPL lead market into a correction, just like it had been leading into new highs?Cody February 15, 2012 – 12:19 pm: @Winkyjeff — “Sense and sensibility” are two different things. Traders have to have a little of both and know when to use each.

I do think Apple likely is going to have a hard time breaking through that intraday, all-time high yesterday for a few weeks at least. I’m not likely to change my positioning in Apple, which remains my biggest position, but I will likely be focusing on some other stocks with better near-term technical set ups.

And finally two quick notes here this morning — I will be speaking at the Apple Investor Summit in three weeks.  I’ll be giving a presentation about how Apple’s headed to $1000 by 2015 right before the conference finishes up on Friday, March 16:

3:15 p.m.          [Ballroom]:  Cody Willard

Marketwatch.  Revolution Investing.

TOPIC: ‘How Apple Gets to $1,000 by 2015’

4:00 p.m.          [Ballroom Keynote]:  Walter Isaacson

Author of Official Steve Jobs Biography published by Simon & Schuster.  Former CEO

of CNN.  Former Managing Editor of TIME.

TOPIC: ‘Steve Jobs Biography’

5:00 p.m.          Walter Isaacson Book Signing

6:00 p.m.          End of 2012 Apple Investor Summit.

If any of you want to meet up at the conference, let me know and I’ll see you there for coffee or lunch or something. Check out the agenda and sign up here:

Finally, I’m also on the Finance Committee of the University of New Mexico Alumni Board and we’ve got meetings about how to allocate our money today and a full Alumni Board meeting tomorrow in Albuquerque, so I’ll be posting from the road.  Won’t slow what you get from down though!

Stay focused and don’t force any trades.