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The Cupertino Kid looked to be unstoppable.
Apple stock was hitting new high after new high in the first quarter — blowing by Google— in its run-up to an all-time high of $644 on April 10.
Since then, Apple has dropped 16 percent — giving up over $100 a share and now trailing Google by nearly that amount.
So what’s changed in a month?
The S&P 500 has dropped more than 5 percent since April 10 — with the S&P 500 Tech Index currently on an 11-day losing streak.
"Once [Apple stock] reached its top, it started to underperform the market ... Now it's going down in line with the market," Robbert Van Batenburg, head of global research at Louis Capital Markets, told CNBC’s “Street Signs” on Thursday.
Van Batenburg saw this coming.
On March 21, he told CNBC, “As [Apple stock] nears the $650-a-share level, then suddenly a group of sellers comes in that hasn't been there yet and that could take the market by surprise."
We now know that during the first quarter some of the biggest hedge funds were taking profits during Apple’s 2012 ascent.
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