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Mid caps (MDY) and Small caps (IWM) leading today vs SPY & QQQ, also Transports strong. Typically, these are said to lead directions. Just like the Baby Janet leads us to salvation.
Apple is over. Goldman claiming Chinese sales of phones in an unprecedented decline.
I was figuring US holiday sales were going to have tough comparisons to last year volume wise. Was guessing price increases would soften the comparisons on a dollar basis. BUT if Wall Street won't keep Sears open for the holiday shopping then you know it isn't going to be good. Given car sales and today's retail number Powell is going to have to put Ben in a chopper with bags of money to save Christmas. And of course Christmas always saves Apple. So if this pans out, stick a fork in it that Apple it is baked. Tim will soften the blow I assume buy offering to give shareholders even more of their money back. It is when that magic trick losses it's sparkle that I would consider going short.
rejected at range high, probably moving toward range low now.
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Zerohedge has crowned a new quant to follow, this time Nomuria Securities cross asset guy.
1. We did not get the expected bounce until Friday because some CTA's continued selling (late to the game)
2. The same game that made the options expiration high higher than expected ( big banks having to hedge their options exposure) is at work at the 2750 and 2800 levels. The models say those are the places where portfolio managers are buying insurance and since it isn't balanced the banks have no choice but to offset their positions.
3. The 28 year old Ivy League history majors , er, I should say Hedge Funds are now so piled up in short gold positions that we are ready for a truly spectacular short squeeze.
Since we are stuck inside Friday's range and have yet to get back to the highs at Friday's European open I am wondering if we will see any institutional selling during the power hour today.