All those gains and now we are back to where we started the day. The nasdaq, the biggest gainer, up about. 7 . Energy stocks have been the biggest laggard all day. Lets look at the smp year to date as we get closer to the end of the year. We are lower by a little more than 2 with just eight trading days left. Higher inhas finished the past three years, but we are on track to break that will stop this is the seasonality chart and we are on track for our worst december since 2002, when december ended down by more than 6 stop we are on track to be 3 . By a little more than david not many indications we will be making up that ground by years end ramy . Ramy especially with some new research coming out saying that a year rally for the s p is in doubt ill stop we would need to rally about 2. 7 by the end of the year. Weve got eight trading days and the s p has only done that in the last eight days of the year just five times since 1928. Days were only positive 15 times, thats about 17 of the
Breakout . Today the market answered that question and the answer is not as long as the bears think they can. Todays the day when many stocks that have been languisher or puttering or just plain going down finally awoke from their slumber and regained their gusto as part of a broerd moader move higher. S p up 1. 6 , nasdaq 1. 9 . Lets start with apple. After reporting a terrific quarter back in october where the company delivered on every single metric, apple stock had started percolating like the old days rallying from the low teens to 122. But when it got there, Credit Suisse came out with a brutal forecast of reduction based on weak supplychain orders discovered by, and i quote, our teams in asia. At the time i said here we go again, yet another Research Firm has used its team in asia to discern weakness in apples Product Sales by measuring components. . Ing thats been done dozens of times since the stocks historic run from the generational lows of march of 2009 when the stock was a
Year in dubai and it looks like those celebrations are going off. Thousands of people were expected to gather, as we can see there are still crowds of people just a few blocks away from what was the sight of this fire, horrific images that really broke out two hours before the new year celebration. We saw them here on cnbc, we saw them across social media, people tweeting these pictures. Something to see. And very dramatic to happen just a few hours before and admitted a new years of tension in some parts of the world, it was the celebration canceled in brussels because of some threats there. Tensions for obvious reasons in paris, some in singapore and now we have this, the first thought always turns to thoughts of terrorism when you see a fire like this on new years eve, but to this point the government is saying thats not the case. It was simply a fire that broke out on the 20th floor of that hotel there in Downtown Dubai and the celebration apparently continuing off. Sue, do you hav
Of credit sweets forecast trim and it worked but stocks slipped again. But then this morning we get a different kind of note. A Research Note from Goldman Sachs entitled the shift to apple as a service. This piece was a totally refreshing and, yes, intellectually pleasing way to look at apple as a company transforming from a hardware play, a simple maturing cell phone company, into more of a Service Provider with the fabulous install base that will have recurring revenues including the upcoming tv service and other Attachment Services like the apple watch. This piece makes so much sense. Why should apple forever be pegged as just a cell phone story when it has so much else going for it . By the way, we have reports of another apple supplier from china saying the phone business is quite strong, totally disputing the asian team channel checks from credit suisse. This whole thing reminds me of the summer when tim cook told me china sales were strong even as every channel check by the asia
Slumber and regained their gusto as part of a broader move higher. S p up 1. 6 , nasdaq 1. 9 . Lets start with apple. After reporting a terrific quarter back in october where the company delivered on every single metric, apple stock had started percolating like the old days rallying from the low teens to 122. But when it got there, Credit Suisse came out with a brutal forecast of reduction based on weak supplychain orders discovered by, and i quote, our teams in asia. At the time i said here we go again, yet another Research Firm has used its team in asia to discern weakness in apples Product Sales by measuring components. Something thats been done dozens of times since the 2009 when the stock was at 11. How many times has this channel check asian team kept people out of making big bucks with apple . For every new product, every cell phone chain, ive heard about supply chain weakness from asian teams, brokerage firms. This note was particularly destructive because it came from a bull w