Thoughts {04.28.15}

Markets popped higher yesterday morning, then promptly turned it around and are selling off today.  Seems there was a lot for it to ponder.  We'll take various parts of this in no particular order.  

First up is Apple {AAPL} which reported a blow out quarter last night.  Markets had been looking for positive things out of the company and they delivered.  You can go here if you want to see a breakdown of the results.   The problem as I see it {and as Grumpy reminded me yesterday} is who is left to buy the stock.  Good news here has been telegraphed for a while.  It's likely we're seeing a small sell the news reaction in the stock.

Next up, the Federal Reserve begins a two day meeting today where an increase in interest rates will be on the table.  Investors increasingly believe that this won't occur now until September.  I used to think we'd see an increase starting in June but I now think that's off the table.  I'm also on record as saying that I don't think small increases from such low historic levels will make that much difference to the economy.  However, probability suggests that stocks are on hold until we hear what they have to say.  

Greece as always seems to be at the top of the news.  A Greek exit from the Euro seems to be more and more priced into the markets.  Nobody, however, really knows what such an event will mean.  There's always collateral damage in a situation like this, usually in places nobody thinks to look.  

The earthquake in Nepal and it's aftershocks are approaching biblical standards of appalling.  Nepal's Prime Minister is quoted today saying that 10,000 people could be dead.  That usually means numbers that are much much higher.  

Finally there's the events in Baltimore last night where civilian authorities seem to have lost complete control of the situation.  I'll have more on Baltimore at a later time.  Suffice it to say today that there's a lot of collateral damage that will come out of that riot and it bodes to be a long hot summer in many cities this year if things don't improve.

And there you have it.  Enough events to give even a healthy market pause, not to mention one that was short term over bought.  Stay tuned!

*Long ETFs that hold Apple as a position in client and personal accounts.