The Wrap 8/24/11

{+++} The bulls put a continuation day together today which was important by staging another last hour rally. The big news after the close was the resignation of Steve Jobs at Apple. The stock fell about 5% in aftermarket trading and because APPL stock is the largest weighting in the S&P 500, we may see some weakness at the open. Their may be some weak hands that still need to be shaken out at the open, so tomorrow’s Apple action should be interesting.

Tomorrow morning we have the initial jobless claims report. Friday morning we have GDP second reading and of course Bernanke speaks from Jackson Hole Wyoming at 10am.

We live in interesting times, and this market is never ever boring.

See you tomorrow. Please check the P&L as always.



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