Apple Reports Blowout Quarter, Helps Lift Nasdaq
The market is strong in early trading, led by the Nasdaq, which is more than +1.0% higher. The big catalyst was Apple's earnings report last night, in which the company trounced estimates and raised guidance for next quarter. Mac sales were surprisingly strong, and though they get the least amount of attention, AAPL is really a Mac story.
There were several other strong earnings reports, including AXP, DD, LMT, BNI, and UPS. The only real stinker was Texas Instruments (TXN). Actually, their quarter was okay, but the guidance was bad and the stock is -8% lower. This is weighing on the semi index.
Asian markets soared overnight, with Hong Kong up +3.5% and India up +5.1%. The Yen is moving lower, after a big day yesterday. I would like to see this one continue to slide.
Oil is down again today, trading near $85.60. I think oil has seen its highs for the year, but even at these lofty levels, the energy complex should make good money. I am looking at the oil service stocks, which have been weak lately.
Bond yields are steady, and the fed funds futures are pointing to an increasing likelihodd of another interest rate cut at the end of the month.
long AAPL, QQQQ