(As of 7:00 am pacific)
The market is overcoming
selling pressure from an unlikely source, Apple. Apple announced that earnings missed
estimates and its stock fell about 5% in the aftermarket yesterday. In spite of Apple, the markets are all up
this morning. The dollar is down against
most currencies and most commodities are up as a result, with gold up nearly
2%. Longer term interest rates continue
to fall as short term rates are up slightly.
In what feels like a sigh of relief, the risk trade is on again,
although a shadow of its former self.
Europe is less pessimistic, which is about as good as it gets these
days. I think it unlikely that the
market can stay in positive territory as the Apple miss continues to
roost.
