Investors Disappointed With Apple
Markets are slightly lower in early trading, taking a breather after a few strong days. Shares of AAPL are down more than 5% despite the company showcasing 2 new phones yesterday. Investors question the pricing of the new low-priced phone and how well it will compete vs. Samsung in emerging markets. But mostly investors are disappointed that there was no announcement of a deal with China Mobile (700 million subscribers) announced.
Last night Obama made a case for a targeted strike against Syria, but also indicated the Russian proposal to put Syrian weapons under international control will be considered.
There wasn't much in the way of market moving economic data today.
Asian markets were mixed overnight. Malaysian industrial production rose 7.6%. S. Korea's unemployment rate ticked down to 3.1%.
Europe's markets are also mixed. The ECB said its clear they are not at the end of the Greek problem and that another bailout is likely.
The dollar is a bit weaker today. Commodities are mixed. Oil prices are flat near $107, gold prices are a bit weak around $1631, and silver and copper prices are higher.
The 10-year yield is about even at 2.96%. And the volatility index is slightly lower and still below the 15 level once again to 14.41. When the VIX has been below 15 it has generally coincided with stocks in rally mode and making new highs.
Trading comment: We have been talking about buying weakness now that it appears the markets correction may have run its course. So even though stocks are mostly mixed today, there are plenty that are trading lower and we want to look to use the weakness to add to the equity side of our portfolios.