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What Does Apple Have in Common With Gold Miners?

Gary Sludden | Photodisc | Getty Images

From a distance you would think they have very little in common.

However, a chart of Apple vs. the Market Vectors Gold Miners ETF shows "striking similarity," as highlighted by trader Mark Dow, author of the Behavioral Macro blog.

Dow said while one might be a major technology titan and the other is a leveraged play on precious metals, both were objects of excessive enthusiasm in early 2012 when investors flocked to these assets as safe haven trades.

(Read More: Apple Chart Looks 'So Bad That It's Good')

And when the market staged a comeback in September of 2012, both sold off, and continue to move in the opposite direction of the markets (broadly speaking).

(Read More: Apple's iPad to Fall Behind Android as Tablet War Grows)

If this is true, will the much anticipated correction in the broader market be a catalyst for shares of Apple?

Jefferies doesn't think so. After recent channel checks in Asia, Jefferies analyst Peter Misek cut his price target on shares of Apple Tuesday to $420 from $500.

(Read More: Think Gold Slump Is Bad? Bullion Stocks Fared Way Worse)

Brian White, an analyst at Topeka Capital Markets said, "Investors ultimately need to focus on the fundamentals around Apple…the macro can be a tailwind or a headline at times but ultimately the long-term fundamentals are what count.

—By CNBC's Seema Mody; Follow her on Twitter: @SeemaCnbc

  • Patti Domm

    Patti Domm is CNBC Executive Editor, News, responsible for news coverage of the markets and economy.

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