The Market On Wednesday

Good morning and welcome to Wednesday. It is 68 degrees and sunny here in Upstate NY. The gorgeous weather pattern continues for the time being. This morning I did not take my early morning walk, instead I ran. Yes, I am now considering actually training for a race. I don't have a lot of motivation to do it, so it might actually work. Whenever I am not wanting something, I do it. We shall see. The local 5K in the Fall seems like a possibility.

At 8:10 a.m. futures are moderately up, the dollar is down, and oil is up. That is the trifecta for a rise in the indexes at the bell, except its never a guarantee.

Investors were highly impressed with Apple's amazing Q2 profits. That company is going off the charts. And to think that just a few short two years ago Apple's stock was at bargain basement prices...

Investors are also believing that the debt ceiling limit will be raised although the media has no special news in this respect.

The bottom line is this, at least from the equities market point of view, the market would probably tank if the early August date comes and goes without any action on the debt limit. This is the underlying fear. Its unfortunate that Americans got duped once again by the latest GOP entity the Tea Party. Take that group of unrelenting yahoos and small authoritarian thinkers out of the equation and the deal is long done. America is being held hostage by the worst aspect of the worst political entity.

CNN: Stocks: Apple optimism spilling over

...President Obama indicated he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators.


"The markets believe they will raise the debt ceiling because they have to raise the debt ceiling..."


Apple reported blowout earnings after the bell Tuesday -- hitting all-time highs with its quarterly profit and revenue, with iPhone and iPad sales. Shares were up 4% premarket.