Endangered species like bears are struggling to emerge from an historic hibernation. Also there’s no assurance that’s immediately on tap now for a single reason…expectation of an expedited movement toward tax reform. I am going to add another reason, because it matters a lot to the S&P now.
As we observed in Thursday’s remarks (which also anticipated a dismal GE report) I suggested that ‘if’ the market could absorb the GE story (following a post-IBM-solo-rally taking the Dow to another threshold without any broad participation).. if the S&P could do that, we’d move higher into the weekend.
That’s all achieved; I won’t belabor what we’ve already explored; but will just highlights a few factors that might have some direct or indirect psychological meaning for the week just ahead. I’ll reserve market comments for videos.
First, let me mention Apple; because its recent shakeout (no surprise) was a combination of what’s discussed publicly, like the boring reception to new iPhone 8 products, and what is not discussed widely, like the faltering sales in China,and impossible price-points versus competitive and simply a very high price (with VAT tax and more) for units in Europe. Over there, as I noted from Barcelona, the iPhone 8 really IS selling better; because the new iPhone X (the one most truly want) will be truly prohibitively priced for most.
This report will now focus on the intricacies of what Apple did and perhaps be of interest primarily to those either owning AAPL shares, the influence on the market, and my take on the particulars of picking up the new iPhone X.
Which takes me to my new point: today (Saturday) Apple began to allow the online ‘pre-qualification‘ for those participating in their newest variation of an IUP (or iPhone upgrade) program for the upcoming iPhone X. That program is vastly improved over how it was handled in the past. But there’s a catch.
