After the close today, Apple reports its earnings for Q2 and expectations as always, are very high for Apple. Should Apple just meet those expectations, we think it will be a negative for the market. Should Apple exceed those expectations wildly on the upside, then we think it will give a bump to the tech sector, but it will be temporary. People are not buying iPhones right now as everyone is waiting for the new iPhone 5 to make its debut. The iPhone 5 is scheduled to come out later this year.
Cyclically we see the general market under pressure and to the downside for the balance of the year.
DAILY PERCENTAGE CHANGES BY SECTOR:
|CONSUMER GOODS: -0.09%||Biggest Loser GNTX -20.26%|
|SERVICES: +0.18%||Biggest Winner DIS +0.64%|
|HEALTHCARE: +0.07%||Biggest Winner CNC +7.99%|
|ENERGY: -0.26%||Biggest Loser TSO -3.17%|
|TECHNOLOGY: -0.22%||Biggest Loser LSI -2.96%|
|FINANCIAL: +0.30%||Biggest Winner RF +4.71%|
|INDUSTRIAL GOODS: -0.58%||Biggest Loser BEAV -7.77%|
|BASIC MATERIALS: -0.21%||Biggest Loser BTU -8.37%|
|UTILITIES: +0.03%||Biggest Winner ED +0.08%|
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