Early Week Breather for Markets

apple earningsMarkets seem to be exhausted a bit on Tuesday and Wednesday after the strong sell off on Friday, followed by the equally strong rebound which happened on Monday. Today's trading was in more of a "teeter-totter" formation as the market bounced from red to green for most of the day. However, what looked to be selling closed quickly bounced back to what brought the Dow slightly in the green by close.

Financials started the day out decently strong, but quickly reversed as the day went longer, probably due to good amounts of profit taking from yesterday's rally. Apple saw a nice 6% jump in stock price today after a big earnings report showing a huge increase in iPhone sales. The apple earning's jump has become almost a guarantee for those looking for a quick one day profit. Everyone forgets that Apple undercuts their earnings every quarter, which usually causes for a bit of a correction at first (which I expect to start tomorrow or Thursday). However, when earnings shows up, they blast expectations out of the water. On top of this, they continue to blow away other tech companies with their innovation. This is why I have plenty of Apple in my IRA.

Also on Wednesday, the Senate voted on the bill that would ban banks from participating in the very lucrative swaps market. The trading of swaps is what many analysts are blaming as one of the big factors that led to our severe credit crunch that eventually dried up the entire lending market. Many people are against the bill saying that such a plan would be "a step backwards" in helping to regulate the big banks and possibly provide less transparency in the future for some of the big boys. At any rate, a lot of uncertainty remains in financials at the moment, which makes a lot of the financial stocks a big question mark. If this bill were to pass, I would expect a big negative response from Wall Street. This could once again yield some good gains for FAZ or SKF.

The market should take more of a direction tomorrow as most of the exhaust should have burned off by today's trading. Profit takers are once again looking for new positions and should begin taking them tomorrow. Happy Trading.


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