It was a pretty lackluster day in the markets today. We managed a slight bounce, but this appears to be an oversold bounce in the wake of last week's carnage. Not really much to say about the trading action itself today besides that.
News wasn't bad today like it was last week, when we had China tightening, Obama talking about declaring war on Wall Street with his Volcker Rule (don't get me started on how misguided this rule is and how it shows a complete lack of comprehension on the part of Obama and friends as to what caused the crisis; unless history's been rewritten, it was bad loans, not proprietary trading, but what would I know? :-p), and rumblings that Big Ben may not be reconfirmed (I can't fathom how he didn't see this bubble coming, but he did what had to be done to avert a global financial collapse).
In the aftermarket, AAPL at first glance, would appear to have crushed expectations. However, they had some accounting changes that really matter, and the beat is greatly diminished as a result. That said, AAPL is trading flat in the aftermarket right now. It'll be very interesting to see what happens tomorrow morning.
I made no moves in either the 401k, IRA, or trading account today. We have actual short setups for the first time in a long time, though. I'm not putting out a new pick tonight, either. AAPL earnings tend to be a particularly big deal, so I'm really curious to see what happens tomorrow.
Position: none
Disclaimer: This is not a recommendation and is presented for informational purposes only.
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