Something jammed its blood funnel into Apple’s share price last week
“Goldman Sachs has engineered every major market manipulation since the Great Depression.”
‘s Matt Taibbi in his 2010 takedown of Goldman Sachs — the article that famously described the 143-year-old banking house as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.”
Without ever actually accusing Goldman Sachs (GS) of manipulating Apple (AAPL) shares, Paulo Santos, a independent analyst and trader from Portugal, makes a plausible case that the bizzarre action in Apple last week — rocketing to a record $526.29 on Wednesday morning only to plummet to as low $486.63 — can be traced to insider knowledge that Tim Cook was going to speak at a Goldman Sachs conference on Tuesday, which is when Wednesday’s run-up began.
It doesn’t matter so much what Cook said, Santos argues in a Seeking Alpha piece posted Friday, as when it was known that he would be speaking at all. That news was announced on Monday, accompanied by a small Apple gap up.
“But now we have to wonder,” Santos writes, “when did the organizers of that conference have the certainty that Tim Cook would be present and giving his keynote address?” I quote:
“Bear in mind that in situations like these,” Santos writes in the spirited commentary his post provoked, “it doesn’t need to be GS taking the profits, these things can also be used by their customers.”
Below: Santos’ chart comparing last week’s volumes and gaps to the action following Apple’s Jan 24 earnings release.