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NEW YORK ( RealMoney) -- Sometimes you don't get to write everything or say everything you want on television, but I wanted to give you my entire piece on Apple (AAPL - Get Report) that some say is at the heart of the decline today.
I had to do a truncated No Huddle version because of the exigencies of the moment. I also want to point out that an outfit called Cleveland Research is cutting Apple numbers for precisely what one of the worry points is: the surfeit of tablets. It's a worrisome development given how it has trounced all other comers.
Of course, it is also important to point out that Thursday morning's action takes out key support levels for a stock that has historically been a total chart winner.Not long ago, there was one stock out there that you could buy into every dip without fear and that was Apple. You never had to fret about all the minor little worries that so often crush other companies. Faith should never be part of the investing equation, but for years having faith in Apple under the leadership of Steve Jobs paid off and it paid off big time. But now? Well, now I'm hearing about weak tablet sales, about iPhone 4S sales not up to snuff, along with worries about holiday sales for iPods. And I'm wondering, do we actually need to fret about the stock of Apple, the greatest wealth creator of our generation? I mean, tablet weakness? Jeez! IPhone woes, huh? And iPods? Don't they just coin money on those things anyway? Talk about issues I never cared about when Steve Jobs was alive. I just didn't. I always knew that there would be something else in Apple's hopper, something so exciting, so intriguing that I could regard these niggling issues in only one way: they were always terrific buying opportunities ahead of the next big thing. But these days, every nuance, every little bit of worry about Apple, as we heard today from a brokerage firm talking about lighter tablet sales, seeps into my ears and I actually listen and agonize over it. I don't want to. I want to be able to say that the plans put in place by Steve Jobs, perhaps America's greatest industrialist, are so amazing that you can back up the truck in every hiccup for years to come. I want to be able to say, who cares about a potential part ordering slowdown in the Apple food chain, an issue that at one point I would have just dismissed out of hand as impossible? Too much demand for Apple's products and not enough supply. That's always been the way with every new product Steve Jobs has introduced.