Strong Apple Earnings Boost Nasdaq For An 11th Straight Day

Apple (AAPL) really knocked the cover off the ball last night, topping estimates by a wide margin. Moreover, the traditionally conservative guidance they usually give was a bit less conservative this time, imo. I covered the conference call for TheStreet.com and will post my comments shortly.

Starbucks (SBUX) also posted strong results, and these two stocks are helping to propel the Nasdaq higher for an 11th straight session.

Among financials, Morgan Stanley (MS) reported a bigger loss than expected, while Wells Fargo (WFC) reported a much larger gain. Regardless, both stocks are lower this morning, weighing on the financial index in general. Consumer discretionary stocks (XLY) are leading the action so far.

Tonight we will hear from some more biggies on the Nasdaq, including eBay, Qualcomm, and Intuitive Surgical (ISRG).

Asian markets were mostly higher overnight; the dollar is mixed today; gold prices are slightly higher, while oil prices are slightly lower; the 10-year yield is bouncing slightly from yesterday's big drop, rising to 3.51%; and the VIX is a bit lower to 23.84.

Trading comment: Is the low VIX and 11-day Nasdaq run setting us up for a quick whack?? I think it might be, and I have added to my NDX eft hedge (QID) as a result. I just don't want to chase things here after a big rally, and I want to protect some of the recent gains in our portfolios. I have also taken profits in my SNDA trade, even as I still like that one longer-term.

long QID