From a fundamental prospective, it seems as though every time the Japanese halt the bond market, USD/JPY moves higher. One could subscribe to the notion that investors, perhaps who wanted to sell, buy USD/JPY to get out of Yen. Additionally, maybe investors see the risk of devaluation or additional extreme policy implementation during the close of trade, therefore USD/JPY is a hedge. To the contrary however, the market is only paying 71 bps annually for Japan CDS… not seeing a lot of risk.

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salerno.mark.a@gmail.com     

The firm goes on to say that the PC industry is having trouble with identify and innovation. Apparently, the sector is in the middle if a transformational identity crisis, whereas those shifting toward consumer preferences are taking share, while those rooted in the past become the source of market share. 

As for market reaction today, the Nasdaq 100 is underperforming the S&P 500 a tad. Tech titan AAPL recently made a low of $419. This prior low made about a month ago, will prove to be an important trading pivot for perhaps a short-term bounce.

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salerno.mark.a@gmail.com

Last night on CNBC’s Fast Money, the show had on BTIG analyst Walter Piecyk to express the reasoning behind his buy rating. He went on to say that nominal growth is still cheap. Should AAPL do anything with its cash, like buy Twitter, the stock could then trade at 12 to 14 times earnings. This could help monetize all these people looking at their phones.

He goes on to say that, “I think the problem with Apple right now is people are just questioning whether they can ever return to growth, whether they had a peak earnings year last year that they’ll never get back to. If you can return some level of confidence that they can return to growth, the stock will do well quickly.”

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salerno.mark.a@gmail.com