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
