The importance of Apple does not merely arise from the huge weighting (about 5%) that Apple's EPS represents in the overall EPS for the S&P 500
All of this suggests a garden-variety stock market pull-back developing that should ultimately take stocks down to the 1475 to 1500 level on the S&P 500. A major exogenous shock would probably be necessary to propel a pull-back beyond this level. We are still in a cyclical bull market and most intermediate term macro-fundamental and technical indicators remain quite strong. At the time of publication the author held no positions in any of the stocks mentioned. Follow @jameskostohryz This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.