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A Bull Market First: Apple Underperforms

Everyone knows that shares of Apple (AAPL) have been a dog over the last few months.  What is noteworthy about the decline, however, is that the stock has actually underperf0rmed the S&P 500 over the last year.  This may not sound surprising, but the last time shares of AAPL underperformed the S&P 500 over a one-year period was all the way back in January 2009.  In other words, this is the first time during the bull market that AAPL has underperformed the S&P 500 over a one year period!

Does the fact that the poster stock for this bull market is now underperforming the S&P 500 over the last year mean that the bull is near its last breath.  Or is the market bigger than a single stock?  Our view is more towards the latter, but it is interesting nonetheless.