Friends
The big news of the day was Apple unveiling its new products, including 3 new phones and a new watch which doesn’t need to be tethered to a phone. Typically, Apple shares rise as anticipation about the new products builds. Then, when the products are announced the stock usually sells off in a “sell the news” type of reaction. Today, Apple shares actually held up pretty well. The new products look pretty slick (though the selling prices are high) and the company seems to have met most consumer’s expectations. Of course, we’ll see how the stock trades over the next week or two as traders and consumers absorb all the new information.
As for stocks, it was a decent day for the bulls with the Dow Jones Industrial Average up 61 points to close at 22,118. The S&P 500 was up 8 points to finish the day at 2,496. Gold was down a fraction to trade at $1,335 per ounce, while oil was up $.17 to trade at $48.24 per barrel WTI.
Aside from Apple’s news, the day was filled with pundits and legendary investors pontificating at an investor’s conference, mostly concerned about market valuation and impending bubbles. Many are waiting for the correction that never comes, which again points out, as stocks hit new highs, that this has truly been an unloved bull market.
Stay Strong Houston.
