Apple just guided the quarter lower than previous expectations citing lack of supply and demand in China. Supply is coming back up but slower than expected.
We've heard from other producers that they've seen minimal China hit.
With the China outbreak known for a couple of months and stocks going up anyway, I would guess this type of news was expected.
Still, I want to see how stocks trade.
The market is extended but not sure that matters with the Fed planning to buy $60B a month in QE plus a reducing amount of Repo support. That QE amount is as much as they bought in the heyday of QE. This time the economy and jobs are much stronger making this a special time for markets; strong economy and Fed support. Usually, the Fed only supports in weak times. So this is extra bullish today.
Stocks have a ton of support right now in an already good economic climate for US stocks.
If stocks hold tomorrow, which I expect despite the Apple news, it will be a bullish sign.
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