Apple's AAPL coattails are some of the most bizarre I have seen. Sure there are the obvious ones: Qualcomm QCOM , Broadcom BRCM , not nearly as much as it should be) and ARM Holdings ARMH .
Google GOOG gets to go higher. It's protected by the Apple umbrella even as they are mortal enemies.
But then there are the others that tend to trade with it, including Panera PNRA , Lululemon LULU and Chipotle CMG . Yep, the high-multiple cohort. Doesn't even seem to matter that we have no new news on these. They just get a lift when Apple doesn't go down.
Of course, this is all very ironic. Apple's one of the lowest multiple stocks I follow. It has missed quarters twice now. It has very little new that is being hyped in the pipe.
But it is the stock off of which so much keys.
Suffice it to say that as long as Apple goes higher we can go higher. It is that important and does signal so much that is positive about the consumer, about the state of technology and about the fiscal cliff.
Hmm, maybe it should be that important!
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