Once again traders across the world await the latest policy statement from the US branch of PRINT central. Even more important will be how the market perceives Yellen in the subsequent press conference. Price action looks set to get dramatically more dynamic.. one way or another.
Nasdaq comp' weekly
So... two days into the week, with the sp'500 effectively flat.
The Nasdaq comp' remains the weakest index/sector... how AAPL trades post-earnings will really help shape the weekly/monthly close.
Wed' will see intl' trade, pending home sales, and the latest EIA report.
The FOMC will issue a press release at 2pm.. with Yellen set to appear around 2.30pm.. which will likely last around an hour.
Market/Fed chatter from Schiff
Indeed, there won't be any rate hike tomorrow... nor at the June 15th meeting. There is already the realisation within many market watchers that the Fed will use the excuse of the looming BREXIT vote (June 23rd) not to risk rocking the market.
A note on AAPL
Earnings were a clear miss, but more so... the outlook is lousy for at least another 3-6 months. Not surprisingly, the stock failed to hold the $102s... and (as of writing) is trading in the $95s. Next support is the 92/91 zone.
If the main market does re-implode into the summer - to the sp'1600/1500s... AAPL would likely be around $70.
Goodnight from London