Stocks Dip as Apple Gains, Tag-Along GT Advanced Tech Takes Hit

NEW YORK (TheStreet) -- U.S. stock indices were little changed on Wednesday as investors tried to figure out whether they should buy into the Tuesday session's weakness. After a ho hum start Tuesday, markets began to get pretty wild during the Apple (AAPL) presentation, almost like on a Fed day. Once the presentation ended, we began to see weakness really take hold.

Apple lost much of it gains and even moved to the negative. GT Advanced Technologies  (GTAT) , the maker of the sapphire glass, was hit hard and ended down more than 12%. Apple was gaining at the top of the Wednesday session, but GT continued to fall after the stock was downgraded by Goldman Sachs and Piper Jaffray to neutral, because sapphire was not used in the new iPhone 6.

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Many were really looking forward to having sapphire glass in the new iPhone. Since it is basically indestructible, that means no more skin over the screen.

Unfortunately, sapphire glass seems to only be on the small-screen watch, and we really have no idea how it will do in terms of sales.

The watch requires the iPhone and does come with a hefty price tag of a $349.

It sure does look cool, but I, for one, am a late adapter. I like to see how it works in the real world before jumping in with my wallet.

Time will tell.

We did own GT Advanced Technologies a while ago, but it acted poorly, so we got out for a loss.  I've been eyeing it ever since and it has acted pretty well. However, Tuesday's news event was almost like earnings and it didn't go GT Advanced's way.

No doubt, it will in time, but that time has not yet come.

S&P SPDR ( SPY) is testing and barely holding the 21-day average so far.

I've been talking about this nice consolidation recently and it is set to continue.

For now, a move down to test the 196 area looks to be next.

Read More: Why Apple Pay Is So Important to Apple's Future

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