Apple Tops Earnings

apple earnings reportIt seems that we have entered back into the low volume, slightly green trading trend that we found ourselves about a month ago. Today's volume was particularly light, which concerns me to wonder who on earth is playing this market. As of now, I am holding on to my current positions until once again we see a return of fundamentals back to the market. As I said in a few posts back, commodities seem to be the only play that makes sense at this point, as most everything else has some serious risk, on both sides.

For most of the day, trading remained rather flat. However, as we became closer to the bell, buying slowly crept in and eventually closed all of the indexes in the green. At this point my IRA has been enjoying life, but the bulk of my account has not. There is still far too much depressing data to even be close to considering this a rebound, so I guess it is just a waiting game at this point. Like I said yesterday, I believe our current earnings valuation will soon blow up in our face.

Apple announced earnings after the close today, which as expected, crushed expectations. This is a legitimate strong earnings report in a recession that deserves a reaction. However, it is one of few. This was to be expected, especially as they have just released their newest Iphone 3GS and sales are going through the roof. Like I said yesterday, I expect a pull back either tomorrow or Thursday, and it could have some force behind it. There has been too much buying with no dips that the profit takers will be coming in. It's a great time to pick up some quick profits.


  1. LicensedToKill Says:

    lets not forget about Wells Fargo reporting tomorrow... I expect Wells to deliver the bacon... wfc with aapl should push this market higher, depending on the action I'll be looking to pickup some FAZ calls by the end of the trading tomorrow.

    as to all of you bulls out there, I suggest you get in your cars and drive around you neighborhoods, pay attention to all of the close businesses, stores, restaurants etc, this should give you a better picture on US economy :)

  2. Anonymous Says:

    I'm a bear as well. What's your strike price for FAZ calls?

  3. McBalls Says:

    This mkt is getting ready for a big move upwards. Gd luck with your "fundamentals" fellas.

  4. Anonymous Says:

    RE: LicencedToKill

    Just another ridiculous Bear telling us the same damn thing that we already freakin' know - the housing market is a mess, unemployment is still extremely high, and the market is living on borrowed time.

    Well, screw you guys. If you've been shorting this market since it's early March lows, you've lost your collective asses.

    I've been playing this market to move up - buying the major dips and gambling on beaten down former market giants like Alcoa, BofA, and Yahoo. And thank god I have.

    Of course, now I have to make sure I sell before everybody else when the apocalypse comes...

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