Wednesday, February 1, 2017

iPhoney Rally

Basically one stock - the world's largest by market cap - held the market up today. Other than that, it was business as usual...

The Fed statement was neutral, so the fake reflation trade went mostly nowhere today. Were it not for Apple, the market would have likely imploded today. The stock was up almost 8% at the highs today, but gave some back at the end:

Of course, the last time the world's largest stock was slingshot higher was just prior to market meltdown. But I'm sure it will be different this time...

The S&P gapped up at the open, gave it all back and then Skynet went to work crushing the VIX to a decade low to salvage the uptrend line:

According to this count, wave 2 ended at today's opening high...

The dollar backtested the breakdown line:

Yield was very weak today


Oil was bid, but Energy stocks imploded:

Thanks to Apple, the Nasdaq led today with New highs

Advance - Decline short-term


Money flow crash indicator:

Long-term money flow

Large cap new highs