Well, that pretty much wraps up the earnings season. From here on it, it’s pretty much Dullsville. My hunch to G.T.F.O. of Amazon turned out to be a good one, in spite of my self-deprecatory statement that my disposal of the puts would surely guarantee the stock’s collapse. On the contrary, thank God……….
Apple, incredibly, is down (for the moment, at least). I guess they must not have announced a $5 trillion buyback program. Plus, it’s becoming apparent that the world has enough freakin’ iPhones in their pockets.
In any case, this lifting of uncertainty has hammered the VIX from a 17-handle to a 15-handle.
And the /ES isn’t quite sure what to do with itself, as it oscillates around that Fibonacci level.
At this point, all eyes will turn toward the morning’s jobs report. This data isn’t exactly, ummm, exciting and dynamic, but it’s all we’ve got.
Finally, in your Zen moment of the day, drink in the declaration of Janet Yellen that the Inflation Reduction Act will magically reduce the deficit by $2.6 trillion. How? Apparently by having less paper in the IRS office. Personally, I think she was tripping balls on mushrooms when she made this assertion.
