It’s unbelievable. Stocks actually fell.But first, the scoreboard:
S&P 500: -14.03
And now the top stories:
- You knew something was going to go wrong today after Apple reported blistering earnings after the bell yesterday,and yet the stock gave up most of its gains during the conference call. That was the first sign we got that the incredible bull run might be losing steam.
- In Asia things were fairly quiet. Shanghai rallied, perhaps due to the good Apple number and what that means for tech manufacturers, but who knows. Other markets didn’t do all that much.
- And it was basically the same story in Europe — quiet, except for the fact that the Euro is continuing its remarkable surge.
- In the US, there wasn’t much macro news. The new housing report was predictably weak.
- We did get some earnings. Goldman Sachs missed on the top-line and that didn’t help at all. Other financials were ho-hum, and generally the sector slipped pretty hard.
- Tech got hit exceptionally hard, including Apple which ended in the red despite the stellar earnings. Other bubbly areas like rare earth and China also got hit hard. And that was the story of the day. Hu Jintao held a press conference, though there was nothing too shocking in there. Click here to see the 10 huge hedge funds that are getting whacked in Apple >
- So the question is: Will the time-tested dip-buying strategy continue? Click here to see 13 huge signs of a bubble >