Wednesday, April 27, 2016

Biting the Apple

It's not in the way you say you hold me
It's not in the way you say you care

Apple reports its first revenue decline in more than a decade and the stock is down 'only' 7%. This on the heels of many other bellwethers reporting disappointing results only to see their stock prices shrug off the bad news.

Bulls will argue that this is a sign of strength and higher prices are imminent. Bears will counter that market participants are in fantasyland and that it's only a matter of time before the tape cracks.

I might add that we also have non-economic buyers in the market seeking to prop up the tape.

position in SPX

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