Steve Jobs Stepping Down At Apple

Just a quick note that Steve Jobs posted today that he is taking an indefinite leave of absence from Apple due to health concerns. Here's one blogger's perspective.

I think that tomorrow is going to be a bad day for Apple and probably for the NASDAQ. In an ETF such as the QQQQ's*, Apple is close to 20% of the index. I'm not convinced that this is the sort of exogenous event that we're going to post about tomorrow or the big bad event that will knock the market off of its axis for anything more than a short period of time. For one thing this news is specific to Apple. It doesn't change the overall trajectory of the economy or probably the short term trajectory of Apple for that matter. Jobs decision to step down for example will not effect how many cars Ford or GM sell this year.

"The cemeteries of the world are full of indispensable people" is a quote attributed to Charles de Gaulle. Everybody says Jobs is indispensable to Apple and it is too bad on a personal level that a man with that much to offer to society has become ill again. The news may be an excuse for traders to take some profits and I expect an awful lot of chatter about Apple's future. My guess is that Apple has been preparing for this moment since Jobs came back and the transition will be a whole lot smoother than most people expect.

Expect some rockiness now to the beginning of the week, with traders hitting the sell switch early tomorrow. But unless I miss my guess, the event that will ultimately move this market to more of a bearish phase will need more teeth than this unfortunate announcement for Mr. Jobs.

God speed to him though. Our prayers will be with him.

**Long ETFs related to the NASDAQ 100 {QQQQ} in client and personal accounts. Certain legacy accounts are owners of Apple common. Long Ford in certain personal accounts.