Just when it looks like Big Apple banks are turning the corner, Apple misses. The clueless media says this is a rare miss (which is true), they also said this for IBM yesterday (also true in the last few quarters). But in my mind this just means that analyst expectations for these companies were quite rosy. One has to wonder how generalized that expectation is- now that many of the expected good reports are already in. There will be money made by those who are good at figuring out who will be the firms that miss going forward. Would be remiss of me not to mention that Intel apparently did well as did Yahoo, but I really don’t care about either stock.
That said, the mood in the market clearly is that the low for the year (made 2 weeks ago) is in and that the rally cap is on for the rest of the year. The momo stocks took a rest today. Tough to short anything except for quick trades as dip buyers keep busy. Gold made a come back as the euro solution (resolution) looms. Two-sided it has to be.