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Apple Today - 4/06/2016 FOMC (AAPL)

seymour_greenz • April 6th 2016 09:28:48 AM

Good Morning,

NASDAQ Futures are up 7 with +14 Fair Value, S&P Futures are up 3 with +4 Fair Value and Dow Futures are up 23 as we hit mid-week in April and the market looks towards the FOMC minutes at 2pm. Futures were far further up in early morning and took a dive just before 4:30am and are currently near the lows though still solidly in the green as we await the open.

Asian markets ended mixed. China dropped 0.08%, Hong Kong gained 0.15% and Japan lost 0.11%. European markets are mostly up today. The UK is currently up 0.75%, Germany is down 0.06% and France is up 0.56%.

Commodities are mostly down this morning. Oil is up 2.95%, natural gas is down 2.3% and gold is down 0.66%. Unleaded gas is up 0.86% and heating oil is up 2.29%. Metals are down. Meat is mixed. Cocoa, coffee cotton, corn, wheat and soybeans are all down.

Dollar and shares see signs of recovery ahead of Fed minutes. Stocks look to stem recent fall as oil jumps. Market looks to Fed minutes for rate clues.

Monsanto Company (MON) reported Q2 earnings this morning that missed expectations and is currently down nearly 1.5%. On the other hand, Constellation Brands, Inc. (STZ) reported Q4 earnings that beat profit forecasts and is up nearly 4% in pre-market.

This afternoon after the bell, look for earnings from Bed Bath & Beyond Inc. (BBBY).

Tomorrow morning, ConAgra Foods, Inc. (CAG) and CarMax Group (KMX) are expected to report.


AAPL had a yo-yo swing down yesterday, dropping 1.18% on relatively low volume. AAPL gapped down significantly in pre-market alongside broader market yesterday and opened down at 109.65 to relatively high volume. AAPL quickly initially recovered the low-110 area before dropping to a low of 109.42 at 9:58am on moderate volume. AAPL quickly recovered again and hit an intra-day high of 110.73 at 10:34am on fair volume before conceding the mid-110 area during an early afternoon dip below 110 into upper-109. Later in the afternoon, AAPL crossed back up into the lower-110 area before dipping again into the close. AAPL ended the day down 1.31 at 109.81 and gained 38 cents in after-hours to 110.19.

This morning in pre-market, AAPL picked up where after-hours left off with some reasonable gains alongside green Futures. Aside from a brief mid-morning dip to 110 on low volume, AAPL spent most of pre-market in the low-110 area and more recently the mid-110 area in later morning. AAPL is currently up 66 cents at 110.47 as we approach the open.


Classic max-pain is 108.


Dollar and shares see signs of recovery ahead of Fed minutes:
http://www.reuters.com/article/global-markets-idUSL5N1792DH

Stocks look to stem recent fall as oil jumps:
http://www.usatoday.com/story/money/markets/2016/04/06/stocks-dow-wednesday/82693410/

China growth shocks increasingly driving stock market, IMF says:
http://www.bloomberg.com/news/articles/2016-04-04/china-growth-shocks-increasingly-driving-stock-market-imf-says-imm1argd

Market looks to Fed minutes for rate clues:
http://www.usatoday.com/story/money/markets/2016/04/06/federal-reserve-minutes/82692612/

The disconnect between interest rates and risk assets:
http://www.bloomberg.com/news/articles/2016-04-05/there-s-a-big-disconnect-between-interest-rates-and-risk-assets

Russian outlook dim according to World Bank:
http://www.bloomberg.com/news/articles/2016-04-06/russian-outlook-dim-even-if-sanctions-end-early-world-bank-says

Pfizer and Allergan call off merger:
http://www.nytimes.com/2016/04/07/business/dealbook/pfizer-allergan-merger.html

Nokia to cut as much as 14% of workforce after Alcatel deal:
http://www.bloomberg.com/news/articles/2016-04-06/nokia-plans-global-restructuring-to-save-costs-in-alcatel-deal

5 charts show the real cost of taxes:
http://www.bloomberg.com/news/articles/2016-04-06/five-charts-show-what-americans-really-pay-in-taxes

Could this viral Apple hoax be what the new iPhone wireless headphones will look like?
http://www.telegraph.co.uk/technology/2016/04/06/could-this-viral-apple-hoax-be-what-the-new-iphone-wireless-head/

Facebook Live adds new features:
http://www.cnet.com/uk/news/facebook-live-streaming-tool-adds-filters-and-reactions/

WhatsApp just switched on encryption for a billion people:
http://www.wired.com/2016/04/forget-apple-vs-fbi-whatsapp-just-switched-encryption-billion-people/

Facebook begins using artificial intelligence to describe photos to blind users:
http://www.theverge.com/2016/4/5/11364914/facebook-automatic-alt-tags-blind-visually-impared

The virtual worlds of HTC Vive:
http://arstechnica.com/gaming/2016/04/the-virtual-worlds-that-keep-us-coming-back-to-the-htc-vive/

How to fall asleep faster:
http://www.huffingtonpost.com/entry/how-to-fall-asleep-faster_us_5703ee6fe4b0daf53af107ab


Today's Economic Calendar:
7:00 MBA Mortgage Applications
8:30 Gallup U.S. Job Creation Index
10:30 EIA Petroleum Inventories
12:20 PM Fed's Mester: Economic outlook and Monetary policy
2:00 PM FOMC minutes


Notable earnings after today's close: APOG, *BBBY*, CAFD, MG, OLLI, RELL

And tomorrow before the open: *CAG*, HOFT, ICLD, *KMX*, NTIC, SNVNF, WRCDF

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