Apple 2.0

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Chart: Apple's wild weekend

April 29, 2013: 12:10 PM ET

Some strange doings in Apple's share price while the markets were asleep.

Wacky weekend

FORTUNE -- Can anybody explain what happened to Apple (AAPL) between the close of trading Friday and Monday's opening bell?

I can almost wrap my mind around the 4.55 million shares traded at exactly 4:00 p.m. Friday and the temporary $3.08 drop one clock tick later. A bunch of Apple weekly options had just expired, and the market had a ton of trades to unwind.

But what's the significance of that $10.65 vertical spike to $429.20 at 4:00 a.m. Monday, when 1.4 million shares changed hands while the markets were asleep? Was it some kind of signal that only trading insiders -- or worse, computer algorithms -- can understand?

Note that by noon Monday, Apple's share price had topped $430, almost as if someone -- or some thing -- knew eight hours earlier that it was headed there.

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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