Sell the news.
Below is a spread of Apple versus Standard & Poor’s 500 index, to try and remove some market noise from Apple’s price action. A more complex chart with the Nasdaq 100, Dow Jones Industrial Average, and other indices might have been cleaner, but oh well.
It’s always fun watching a security react to live news. You can see a perfect example of “buy the rumor, sell the news” in Apple’s price action during today’s March 21, 2016 media event.
There were a couple of nice huge spikes of shares flying back and forth moments before an announcement was officially declared on my end, so I wouldn’t be surprised if some trading desk out there had eyes and ears within the hall, or was willing to just risk it.
Here’s the full image. I forward-fudged a few of the spikes slightly to account for latency, since it was obvious what they were reacting to.