Great to-the-point summary from Fox Business today, "The markets were buoyed Wednesday by a German court ruling that cleared the way for the ratification of the eurozone's permanent rescue fund. However, traders remained cautious ahead of the eagerly-awaited Fed decision due on Thursday." ZeroHedge estimates the market has priced in a staggering $850 Billion new QE program. Can't wait to see what end up getting tomorrow.
Let's start with the market indices which were mostly unchanged,
Apple (AAPL) was in focus today with its revealing of the iPhone 5. Full specs at TechCrunch but the phone has 2x faster processing and graphics, is taller, thinner, lighter, has better battery life, better camera, retina display, etc. That's all hunky dory but the stock didn't react much, closing up +1.4% on heavy volume. With everyone expecting the phone's release, one could argue it was already baked into the market. So we can only speculate on what will drive the stock moving forward, mini iPad speculation?
Panera (PNRA) made IBD headlines today with its break to fresh all-time highs. The stock broke out of a six month cup & handle base on strong volume but no news behind the move and a doji close suggests Panera may see a pullback before further higher prices.
Stay frosty (sharp) out there tomorrow and we will see you back here tomorrow.