Really, can the market take root at this level? Is this rally based on artificial "beats" of expectations, or was the recent downturn a big, overblown, overly pessimistic glitch?
What about Apple and its pendulum swings? The bears have attacked, or at least the hedgies have. They do their job, talking shit and yodeling their latest tune about Apple's doom. But when earnings are released in one week, they'll have collected their cheap (sub-250) shares long beforehand, and they shall bank profits. Much profits.
Ultra bulls like Jason Schwarz are still in pedal-to-the-floor mode. Sure, iPhone 4 is selling like nothing else before ... but what if there is a recall? I wouldn't expect Schwarz to hand out refunds to everyone who bought his propaganda, even though I'm generally on his side.
The market is moving up on paltry volume and manipulated earnings scenarios. AAPL can't get past 279 with all the question marks about its biggest product, and there's no new product coming for several months (Verizon iPhone), which is basically an eternity in the market.
I'm staying out and enjoying the summer. Enter at your own risk.
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