TODAY:
BULLS were aggressive today, maybe too aggressive. SPX is near ALL TIME HIGH. Last week confirmed that bears wanted higher prices to initiate selling and today got me thinking that maybe and why AMZN and AAPL can dominate an entire index.
The banking sector is less relevant today than in 2010 and its “profits” do not scare the bulls. Those profits are slowing being taken by FinTech’s from around the world.
COMING UP
• Apple Inc is expected to unveil the iPhone 12, with speculation the base model may be cheaper than last year’s phone and have 5G connectivity. The invitation announcing the event began, “Hi, Speed.”
• JPMorgan Chase & Co is expected to report a 25% drop in third-quarter profits from a year earlier as low interest rates and weak loan demand overshadow better capital markets results. Analysts will focus on how much loan losses are increasing during the pandemic recession.
• Citigroup Inc will report earnings for the third quarter for the first time since it announced its CEO was retiring in the new year. Analysts will be watching out for any change in strategy to help the bank continue growing profit in the low-interest rate environment.
