Amazon Rises, Apple Falls After Earnings
2023.08.04 04:52
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:) 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.
Amazon Chart
Apple (NASDAQ:), 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.
Apple Chart
In any case, this lifting of uncertainty has hammered the from a 17-handle to a 15-handle.
VIX Chart
And the isn’t quite sure what to do with itself, as it oscillates around that Fibonacci level.
ES Chart
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.
Average Hourly Earnings
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.
Janet Yellen Comments
