And a cry went up from the people, 'Save us AAPL!' And so they did, and the people were amazed.
Most absurd sell side comment: 'Maybe the other retailers were doing so badly because everyone was buying the iPhone 6.'
Marissa Mayer threw out some new era junk after the bell, spinning off their Ali Baba holdings, and trumping any mundane things like earnings and growth, which YHOO doesn't have. Time to declare victory, and on to a new enterprise, MM.
The post-Greek elections bravado from yesterday melted away overnight, as Europeans started actually listening to the new Greek government, and their words permeated their psyches.
It did not help that CAT's results and guidance floundered, along with a few others. You can write that off to 'the strong dollar.' Everyone must make sacrifices for the Miles Gloriosus of currencies.
The money masters are wondering when they will be able to ravish Greece, and pick her bones, like the sacking of the Parthenon for souvenirs back home.
And then the durable goods orders results came out and the Street went into a swoon.
Gold bounced back nicely after a hit yesterday that could be attributed to both the usual OPEX antics, as well as the general trend to whistle past the Greek elections.
Tomorrow we have another FOMC meeting. My own opinion, for whatever it might be worth, is that the Fed will do nothing about raising rates this year, except to talk about them. They *might* do a symbolic 25 of 50 bp 'one and done,' but this has nothing to do with real tightening, and more with given themselves some room to lower rates when the real economy starts swooning later this year or next.
But even that seems a little less likely in their current playbook with the QE plays on the table. There is so much bad paper, and the opportunity to print even more to make it go away is very tempting, especially with 'the strong dollar' strangling the real economy of real companies and real people.
Gold is flashing a potentially bullish formation. I think the breakouts and key support are pretty obvious, given that it is a 'slanted W' or double bottom formation. But it need to break out decisively to start being active rather than potential.
Once it breaks out, if it does, we will know a lot more about where it might be going, so let's not get ahead of ourselves.
Have a pleasant evening.
