Mob psychology

Just to prove my point again about how the market reacts to news/fear about the stock market. Last night, my cousin sent me a link to a story about Apple's Steve Jobs's leave of absence till June to attend to his health issues, which are more "complex" than he thought. I read the news earlier and didn't think too much of it, but after my cousin sent it to me I thought the stock would definitely react. Sure enough, by closing yesterday, stock was down 2.71%. Today, the news hit the rest of the news outlet and right now AAPL is down 4.59%.

Now I don't know about the rest of you, but I'd like to think Jobs isn't the only reason Apple is as successful as it is today. Sure, he is mostly responsible for the innovation and success Apple has enjoyed of late. However, I'd like to think that Jobs is business-savvy enough to surround himself with other smart people such that there is not a total collapse should Jobs ever leave or move on or even "move on." I mean, if there is no plan in place at all, I'd be very disappointed in Apple as a company.

Let's think logically for a minute. Would Jobs's leave of absence really mean the DRM-less Apple store will suffer? Does this mean the supposed iPhone nano would sell any less? Does it even mean people would buy iPods, iPhones, MacBooks, and all things white and glorious any less? I really doubt it. If anything, this slumping economy would have a bigger effect. Stop panicking and look at the company numbers.

(Note: I do not own any shares of AAPL, much like I don't own an iPod)