Biting the Apple

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

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