The correlation between these two indexes is very high, and so it makes for an excellent trading pair. But for many months, since mid December 2011, the Nasdaq has outperformed the S&P by a wide margin, nearly 2x. This dislocation was thought to be largely due to Apple’s influence.

Today there was a very sharp about face in the trend, and it had nothing to do with Apple. In fact, the Nasdaq was the only index to close in the red, while Apple closed with a gain. I can’t remember the last time this happened, if ever—at least to this degree!

There’s been much written about Apple’s ability to disrupt the market, but Apple had nothing to do with today’s dislocation. So, maybe the conventional wisdom is not so conventional. And with Apple’s strong reversal earlier this week, it makes one wonder just what is going on.