Dow Jones 10,444.37 -66.58 -0.63%
Nasdaq 2,298.37 -18.89 -0.82%
S&P 500 1,15.05 -5.75 -0.51%
Signs of a bottom? Someone unloaded a warehouse full of Apples this morning. Was it you? Maybe this is an apple bottom.
It happened with startling speed, from 10:10 am (Eastern) to 10:21 before there was a reversal that stuck. Shares went from 247 to 244.85. That move really buckled the market's knees, and it never really got another good shot in against the bears. AAPL closed at 248.31 (-4.05 -1.60%), its lowest close since the day after the flash crash. Of course, 244 was the liftoff level of AAPL before the rocket ride on its unprecedented earnings report.
Someone was brave and/or gutsy enough to grab AAPL at 244-plus. But if shares drop below 244, there will probably be more Apples tumbling. The market doesn't move up — the correction doesn't end without AAPL leading the pack.
Until then, the seas of the market are choppy and practically unnavigable for bulls and bears alike. Though they popped nicely early, FAZ and VXX slowed to narrow trading ranges and lost some gains in the afternoon.
The only real strength today was in the Euro (FXE 123.50 +1.73 +1.42%) and financials. C, GS, NBG, IRE and STD were all up at least 2%.
So, for the uber-bullish, today was an opportunity to grab AAPL below 245, BIDU below 69, C at 3.71, GS at 136.10.
More signs that the bulls may be right: US Steel (X) gained 1.7%, GLD sold off 2.4% to 116.63 and USO (US Oil Index) finished green (33.47 +0.04 +0.12%).
What does it all mean? Who knows. I'm back to 100% cash.
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