Surprising only a legion of analysts and the journalists who slavishly cover their random musings, Apple delivered a pretty strong quarter by any measure. Most interesting to me is that while volumes are basically flat on the iPhone business, the revenue and ASP are up, fitting the observation that iPhone X is selling well. Next quarter I suspect we will do this all over again song of doom and gloom over again.

I have to wonder who gains from this sort of thing. By April 27th the noise had driven Apple stock price down to around $162/share from a high of around $180/share. Now back up to $176/share. Someone who has millions of dollars sitting around could have made a quick 8-10%. I worry more about the small individual investor who lets fear of 8-10% coming off their retirement savings cause them to sell at the bottom. Now I'm not a professional investor, and full disclosure I do own some shares in Apple, but it feels wrong that we have this same pattern repeating so frequently. Ultimately we are at a substantial disadvantage in any attempt to time the market, or do short term trading in comparison to professionals.