Apple Turnover

Monday, stocks closed little changed in Asia, climbed 0.9% in Europe but lost 1.1% in the U.S. on very high volume. In another glorious bonehead move, IBM bought Red Hat for a 63% premium! This acquisition will give IBM many new ways to juggle the books, make earnings and revenue increase in the short term, and thereby provide cover for the bankrupt culture and inept leadership of the company. Deservedly, the IBM stock price continued its slide — closing below the 120 mark. The NYSE index also closed below it’s 12,000 benchmark for the day.

Tuesday, stocks in Asia gained 0.5%, closed nearly unchanged in Europe, and moved up 1.5% in the U.S. on high volume. The VXO fell 7% to close at 25.47. Wednesday, stocks shot up 2.2% in Asia, 1.7% in Europe, and 0.6% in the U.S. on very high volume. The VXO fell 7% to close at 23.57. The 10-Year U.S. Treasury Bond yield rose 2% to close at 3.16 while the Dow and S&P indices recaptured their 25,000 and 2700 benchmarks. Thursday, stocks rose 0.7% in Asia, 0.3% in Europe, and 1.2% in the U.S. on very high volume. The VXO fell 10% to close at 21.25.

Friday, stocks rose 2.5% in Asia, gained slightly in Europe, and fell 0.3% in the U.S. on high volume as Apple’s quarterly report
and outlook soured “investors” on the stock — dragging it’s obscene market cap back below the one trillion dollar mark again. I believe it’s going to be a tough year for smartphone sales as people who consider technology will wait another year to to get 5G. That’s what I’m planning and when I do, it most likely will not be an iPhone. The VXO moved up 6% to close at 22.56 while the 10-Year U.S. Treasury Bond yield rose 2% to close at 3.21.

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