By Philip Elmer-DeWitt
April 3, 2013

FORTUNE — Tuesday was another strange one for Apple’s (AAPL) beleagued shares.

With the caveat that it’s always dangerous to attribute reason to something as irrational as the stock market, this is how it looked to me:

Analysts have been been talking about this phone for weeks. Heck, they’ve already nicknamed it: the iPhone 5S. But there’s something about a headline in the Journal that has the power to move the market, even if it doesn’t manage move the story forward.

The stock ended where it started, at $429.79, up $0.88 (0.21%) for the day.

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