Futures are pretty flat so far.
Futures ripped overnight on Sunday though, and we saw a strong gap up yesterday off news that Summers backed out. The $SPX eventually gave back about 10 handles off the highs though. The Nazzy $QQQ was soft yesterday led lower by $AAPL which lost 15 points. The stock is now down about 57 points over the last five trading days. The stock did hold some lateral support yesterday as well as its 100 day moving average, so we’ll see if that will be enough. There are reports this morning that orders for the new cheaper iPhone are running way below estimates.
Look for a token taper to begin, but this should be eclipsed by the fact that Yellen is a dove and will be taking the reigns. The easy money baton will be passed and the market loves that. Although less tapering become tightening in the credit markets.
$FB dropped 4% yesterday. All of the exchanges want the Twitter IPO.
Grand Theft Auto 5 gets released today. It will bring in 1 Billion the first month. $TTWO
$P announced that it is offering 10 million shares.
$MSFT announces their new Bing logo………game changer.
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