Markets Rebound As Nasdaq Bounces

The futures were lower before the open, but the market has begun to bounce, led by the Nasdaq. The market was sharply lower last week, after 5 straight up weeks, but the Nasdaq was a relative outperformer, and that trend continues this morning.

AAPL reports earnings tonight, and the stock is currently approaching $175 going into the call. iMacs have supposedly been selling well, as have iPhones, but the question is how high are expectations and how will the stock react?

Asian markets were sharply lower overnight, between -2% to -4%, and that weighed on our futures before the open.

But oil is down by over $2 right now, and that is a slight positive. Bond yields are steady at 4.41%, and valuations remain reasonable.

I am more focused on the Yen, which spiked higher on Thursday and Friday last week, and is up again this morning. Our markets have been unable to rally, for the most part, when the Yen is moving higher so I am watching for signs of the Yen running out of steam. Wishful thinking?

long AAPL