AAPL reported well ahead of expectations and the whisper number and is now jumping to an all-time high over $200. Guidance was reduced a bit, but no one believes it because they play the same game every quarter. TXN numbers also look decent, and the stock is up a bit, but it's always Apple that excites the bulls.
Given that the market has gone straight up since the beginning of the month, a reasonable person might wonder if we are due for a rest, but reason is not something this market cares about. We are running very hot, lots of folks are frustrated at missing out, and the news flow continues to be good. While looking for some consolidation or profit-taking seems like a reasonable idea, the market just isn't a reasonable beast.
Look for the bears to start talking about blow-off tops when we gap up in the morning, but as I keep saying, you just can't fight this price action. We are riding a huge wave of liquidity-driven momentum, and it is showing no signs of slowing........