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Apple pops back above $500

January 16, 2013: 2:50 PM ET

Not too long ago, analysts were predicting that Apple's stock would top $1,000. Now that Apple's stock has dropped more than 30% since last September, $500 is Apple's new proving ground.

Apple's stock dipped below $500 on Tuesday on concerns that demand for the iPhone 5 might be less than expected. But Apple's stock once again crossed the $500 barrier on Wednesday,  soaring by nearly 4.5%.

There was no news from Apple to explain the rally. But one key stock watcher, Tom Demark of technical research firm Market Studies, called a bottom on the stock late Tuesday. Traders on StockTwits apparently were listening carefully.

Amazing how chart-monkey-in-chief Demark has more sway on $AAPL in this market than the sell-side analyst

$AAPL solid mover today. The 'supply chain' news is vaporizing

The founder of StockTwits, Howard Lindzon, found his own rationale for a bottom.

Looking back at yesterday my mom calling me on FaceTime from her new iPad mini, her first $AAPL product... Was the bottom

So today $AAPL's first hour volume was the highest 1st hour volume >10million shares up $17. Some1 is buying w/ conviction

You'd think that Apple's rally would be good for the broader stock market as well, right? But that wasn't the case Wednesday. The Nasdaq was up much more than the S&P 500. And the Dow was being dragged down by Boeing (BA).

Market down, $AAPL up. It really is an Inverse Etf :-

But that's just one day. For the longer haul, the entire market would probably benefit from a turnaround in Apple.

If DeMark Is Right About Apple, Its Insanely Bullish for the Large Cap Indices $AAPL $SPX

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Maureen Farrell
Maureen Farrell
Staff writer, CNNMoney

Maureen Farrell is a staff writer at CNNMoney and covers Wall Street, banking, mergers and the stock and bond markets. Prior to joining CNNMoney, she covered venture capital and entrepreneurs for Forbes, and mergers and bankruptcy for Mergermarket and Debtwire, both divisions of the Financial Times.

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