After wiping out most of yesterday's gains with an early morning gap to the downside, the market rebounded into the afternoon and finished the day with minimal losses. A look at the intraday action of the NASDAQ...
Another sizable move today (albeit on low volume) for the market after Apple announced its plans to spend $10 Billion a year on dividends and buy back $10 Billion in stock. Personally I think this is bad news for Apple. The company boasts a market cap above $500 Billion because of its products, not because of a dividend. I feel like new CEO Tim Cook is already trying to think of ways to keep the stock at a lofty valuation long term because he knows Apple does not have a successor product to the iPad.
Simply put, there is nothing in the works that will keep the innovation train rolling.
It was six years ago today that I made my first blog post. Amazing how time goes by. Can't say it has been the easiest journey, but definitely worth it.
Despite Apple testing $600 then reversing to close down on the day - yes, I refreshed numerous times, the stock actually finished in the red - the market moved higher today after Goldman came out and said QE3 would arrive as soon as next month. Even a sniff of stimulus and the market goes nuts, its like catnip for investors.
Perhaps $600 is the magic number, but once Apple finds a top and actually kicks off a legitimate pull back, I theorize that the market will retract with it. After all, Apple is now almost larger than the whole retail sector combined.
Today's to-the-point market recap from Reuters, "The S&P 500 broke a five-day streak of gains on Wednesday as investors found little reason to extend a rally that took the benchmark index to four-year highs."
And perhaps the most interesting is this piece from Greg Smith published in the New York Times who is leaving Goldman Sachs. The full piece is worth a read. Some highlights...