The next twenty-four hours are going to contain the final burst of planned excitement for a while. This comes in the form of a triad:
- Amazon earnings, after the close;
- Apple earnings, after the close;
- Jobs report, before Friday’s open
Apple, of course, is the largest company in the universe, and although they are far too old, large, and lumbering to produce any real profit shocks, they’ll surely trot out something – – anything!! – – to goose the market, probably in the form of something which USED to be illegal: that is to say, a huge stock buyback. I mean, face it, the incremental improvements to the iPhone have become a joke, so they need to take a different tack.
In a premium post last night, I wrote about the importance of the Fibonacci level on the /ES. It turns out that insight proved to be important even within a span of hours, as this Fib level has magically flipped roles from support (green arrow) to resistance (red arrows). Here’s hoping it stays that way.
Longer-term, the /NQ has been following a slippery slope lower. Here, too, I say: let’s hope it stays that way. AAPL and AMZN will decide that.
At long last, the VIX has turbocharged its way from the utterly laughable 12-handle up about 50% higher. It’s nice to see the freakin’ market have a pulse and, at least briefly, to enjoy a cessation of Tom Lee mincing and prancing around on television screens.
I’ve got a couple of mombo posts in the hopper today. See you later!
