Chart of the day: The hedge funds’ Google vs. Apple trade
FORTUNE — This was news to me.
Starting in February, according to Thomas Kee, who runs an outfit called Stock Traders Daily and writes a column for MarketWatch, hedge fund traders were buying Google (GOOG) and shorting Apple (AAPL).
“The trade worked quite well until about one week ago,” Kee writes in Thursday’s column, which is when the media caught on to the strategy. Since then, according to Kee, the hedge funds have begun unwinding their trades:
“Approximately one week ago we identified a shift in this trade, it also corresponded to technical reversal signals in Apple, and we announced this to our private clients accordingly.”
So why is he telling us now? It’s a funny game, this private investment newsletter business.