Some downside to start the semester.

Profit taking galore. Apple and IBM report good results, to me the former was better than the latter, but Apple results appear more priced in than IBM’s (at least today). Cree and GS were the disasters du jour. I don’t think there are that many more spectacular big cap earnings to expect, see my post from the 14th. However, index prices are only at levels from a couple of days ago, with option expiration and dip buyers still there, it is more likely that this is just a hiccup!

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