Amazon Rises, Apple Falls After Earnings
Tim Knight | Aug 04, 2023 12:35AM ET
Well, that pretty much wraps up the earnings season. From here on it, it’s pretty much Dullsville. My hunch to G.T.F.O. of Amazon (NASDAQ:AMZN) turned out to be a good one, in spite of my self-deprecatory statement that my disposal of the puts would surely guarantee the stock’s collapse. On the contrary, thank God.
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Apple (NASDAQ:AAPL), incredibly, is down (for the moment, at least). I guess they must not have announced a $5 trillion buyback program. Plus, it’s becoming apparent that the world has enough iPhones in their pockets.
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In any case, this lifting of uncertainty has hammered the VIX from a 17-handle to a 15-handle.
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And the S&P 500 Futures isn’t quite sure what to do with itself, as it oscillates around that Fibonacci level.
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At this point, all eyes will turn toward the morning’s jobs report. This data isn’t exactly, ummm, exciting and dynamic, but it’s all we’ve got.
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Finally, in your Zen moment of the day, drink in the declaration of Janet Yellen that the Inflation Reduction Act will magically reduce the deficit by $2.6 trillion. How? Apparently, by having less paper in the IRS office. Personally, I think she was tripping balls on mushrooms when she made this assertion.
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