It is very fitting that on today's April 28th anniversary of the bull market, the day that officially makes this the second-longest "bull market" in history, the market got a stark reminder of just how it got there: through constant and relentless central bank intervention, which has been "beneficial" to stocks for the most part, however last night was anything but.
Are you not entertained??
http://www.youtube.com/watch?v=FsqJFIJ5lLs
Commodity Carnage continues in China...
Nothing happened before The Fed (apart from a chaotic dip and rip in crude oil and bid for bonds all morning)...and then it hit...
Getting the S&P 500 to 2,100 was all that mattered after The Fed - becase that tells the world that everything is awesome!!
Submitted by Jeffrey Snider via Alhambra Investment Partners,
Shortly after the close today, Apple will report its much watched earnings which will be closely watched for several reasons. The biggest one is that since Q1 2014 AAPL has contributed 25% of the S&P’s 4.2% growth rate (excluding the EPS benefit of the company's massive buyback program). Furthermore, roughly 40% of the nearly 9% jump in Tech margins since 2009 is attributable to Apple alone.
However, that was all in the past: this quarter Apple is actually forecast to subtract 0.7% from the S&P's bottom line.
Exxon Mobil has been rate AAA by S&P since 1930 according to Bloomberg. Today that ended as the global crude explorer with sales that dwarf the economies of most nations was cut to AA+ (Outlook stable). Having been put on notice in February (negative watch), citing concern that credit measures would remain weak through 2018.
Credit measures will be weak for a AAA rating due, in part, to low commodity prices, high reinvestment requirements and large dividend payments, S&P says.