{+++}A big rebound by bank stocks on the back of an upbeat report from Citigroup helped drive the broader market markedly higher Monday. After the close AAPL, IBM, INFN, RRC, STLD, VMW and ZION were the most notable names that reported after the close. AAPL in my humble opinion, killed the number,but this market is unforgiving and built on sand , so they took it down in the aftermarket, as a result,technology is going through a mini slaughter.
Futures are notably lower after hours: S&P 500 futures are -9.0 from fair value of 1180.90 and Nasdaq100 futures -40.99 points from fair value of 2060.75.
Nine of the sectors were in positive territory, led by financials (+2.3%), health care (+0.9%) and utilities (+0.9%).
Tomorrow morning before the open, one economic report is scheduled to be released, which includes Housing Starts (Consensus 579K%) and Building Permits (Consensus 565K).
Tomorrow before the open, of the many companies scheduled to report, some of the bigger names include: AOS, ASTE, BAC, BK, KO, EMC, GS, HOG, JNJ, LMT, OXY, BTU, STT, SVU, and WFT.
I think the Apple sell off is reactionary and a knee jerk. I AM bearish on this market although we re always net long, however, I want you to look at Amazon’s shortfall last quarter and what the stock did since. Much higher. No names tonight as we may be in transition.
