The perfect storm for Apple (AAPL): Strong pre-sales, problems for a competitor.
After being on a downward-sloping trend for more than a year, Apple has finally broken out. It traded up as much as 4 percent today and 9 percent this week.
At midday, Apple has already traded 60 million shares, more than twice its average in the past month for a full day.
If this keeps up, Apple will close at its highest level this year.
This rally is about more than just the problems its competitor Samsung is having with the Galaxy Note 7 phone.
Sure, Samsung's woes are helping Apple. Samsung is down nearly 6 percent this month, since it announced a recall of the Galaxy Note 7 phone. Could it get worse for Samsung? First, the Federal Aviation Administration (FAA) warned against using the phone on planes. This morning, New York's Metropolitan Transit Authority (MTA) told commuters not to use the phone on the subway. Or even in the subway station.