PRE MARKET AND APPLE

APPLE (AAPL) down $14 this morning cutting about $65 billion in market cap. Futures down decently but off their lows from the overnight. It used to be weather or the strong dollar. Now all warnings are blamed on China.

To take the positive side:

Weak open yesterday…stronger close though the day had more wild swings. Always a possibility for another positive reversal day though we can never predict one.

Markets are still in bounce/rally mode off the lows…but that’s only after 4,268 Dow points in 14 days.

While oil is bouncing, it is still way down from the highs saving tens of billions for the consumer and business.

The fed is done.

The 10 year is now down to 2.645.

That ADP # much better than expected…but why is the 10 year yield down on the news. One would expect a spike in yields on that news.

Other than that, you know our big picture stance.