It seems that the main �drink� on the menu for the market is the FOMC report which will be served during tomorrow afternoon�s cocktail hour, after they wrap-up their two day meeting.
All the drinks will of course be served with a garnish of Apple earnings, which came in far better than expected at $12.30 EPS after the market close that sent the stock higher in after-hours trading.
Prior to Apple�s announcement, none of today�s news was exceptionally good, but the market seemingly shrugged it all off.
It�s no surprise that the consumers aren�t really all that confident as the Conference Board�s gauge for consumers� expectations declined to 81.1 in April, down from 82.5 in March.
Also, the Case-Shiller report was released showing that U.S. home prices dropped sharply in February to hit the worst level in almost a decade. And sales of newly built homes during March dropped 7.1%, largely because of a sizable upward revision to the government�s data on sales for February.
Bad numbers, scary numbers and of course revised numbers...... we might as well put the bevy of today�s financial data in a blender and serve it up over ice.
All eyes are on Benny and the Inkjets to see if they will once again be pouring a toxic cocktail of �liquidity.�
Trade well and follow the trend, not the so-called �experts.�
Best Trade to all,
Larry Levin
President & Founder - TradingAdvantage