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The Morning Look

ByGary Kaltbaum

Market Update:

Stock futures are lower ahead of Wednesday’s open after Apple reported its first annual revenue decline since 2001.

Gary’s Thoughts: Apple no help. Think its more about it has already moved up…but no doubt, mature company with no growth. Futures yuck after yesterday’s yuck day. We now talk support levels again after one day up. Tight range continues but on the lookout. AMZN and GOOG tomorrow.

Economic Calendar:

  • MBA Mortgage Applications 7:00 AM ET
  • International Trade in Goods 8:30 AM ET
  • PMI Services Flash 9:45 AM ET
  • New Home Sales 10:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET

Highlights:

  • Apple Sees First Annual Revenue Fall Since ’01
    Gary’s Thoughts: Law of large numbers.
  • Chipotle quarterly restaurant sales down more than expected
    Gary’s Thoughts: Quite surprised they havent gone on a huge marketing campaign.