$AAPL

AAPL declares earnings and the market adjusts

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As I write this Greece defaults on debt to the IMF and sends its citizens into some uncharted waters.  The SPY is up .25 from the close so it is a safe bet for now that US stocks don’t care anymore.  The game is ending and is about to play out with a referendum this weekend.  It would not surprise me to see stocks start a rally again and end up at new highs after the labor reports this week.  Another surprise was the jump in AAPL IV on a down volatility day in the market.

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Another bite out of AAPL

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Apparently the Greece deal with the Troika is imminent.  That was enough to send VIX lower as it re-finds the 12 handle with the volatility futures hovering and not ready to make any major breaks today.  We might rename this Semi-Wednesday as traders bid up all sorts of semiconductor names on the BRCM takeover news.  I think there is a simpler trader out there.

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SPX makes new highs for 2015 and there is still time

 

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I don’t know what the rally was from, a pop in oil, AAPL to the moon or a de-escalation in the Ukraine but a rally we had.  Stocks fallen into a pattern of rally and retreat and today was no different.  The last downturn was a mix of Greek elections and 10% of the market cap of the SPX going into the ash can with oil.  Tech is leading now and the market loves tech leadership.  NDX 5000, a sop to swinging 90’s is now a realistic target.

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How do you like them AAPLs?

The equity market had a pretty stunning reversal this afternoon.  Essentially it rallied 1% from the lows of the day and the VIX took it on the chin to drop .67 to 16.45. Maybe a combination of the ADP report not being so bad and less silly rhetoric out of Washington got everyone into the holiday spirit.  One place it did not help was AAPL.

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