Via Global Macro Monitor,
Stephen Gandel of Bloomberg out with a good piece this morning on:
…shares of companies that have reported both better-than-expected profits and sales for the second quarter have barely budged this earnings season.
It’s the least fist-bumping investors have done for great quarters in 17 years. – Bloomberg
Is this the beginning of a catch up trade?
E-mini futures are fractionally lower this morning (0.08%) after Apple's surge helped the DJIA climb above 22,000 for the first time on Wednesday; Global shares declined for the first time in 4 days pressured by tech stocks: Asian shares fell, while Europe pared opening losses to trade unchanged.
It appears the market's attitude today was simple..,
Summarizing today:
Having 'predictweeted' Dow 22k yesterday, Apple's 6% surge (after missing iphone sales estimates) has confirmed President Trump's forecast and crossed the Dow Maginot Line for the first time... as Trannies diverge drastically (testing the 200DMA).
We note that Dow Futures briefly spiked above 22,020 last night...
But as the cash market opens, The Dow is now above 22,000...
Nasdaq 100 futures jumped 0.8% after Apple surged to record highs following a strong beat and optimistic projections ahead of the launch of the company's new batch of iPhones. Eminis are little changed, up 0.1% to 2,475, trailing Asian markets, while European stocks and crude oil fall.