In the dos-si-do of the Apple and S&P yesterday, one could see a ballad, a microcosm of the purpose of markets, the idea that has the world in its grip, and the weakness and evil and insecurity that lies within the hearts of man.                          

First the market went down 10 points flexionically knowing what the number was going to be. Was it disseminated on a "need to know" basis? Then the S&P went down another 1/2 % as the terrible earnings were released. "The market had no right to go down that much" but it did. And then at 6 pm, the market went up a fast 8 points as what? Perhaps short covering by weak flexions, the kind that knew of terrorist attacks but insisted on getting the bid asked spread in addition. And then as Apple went down 40 points, the market this morning had to go down in anticipation of it.

But, but, but, there are other companies that report earnings. And the worse it is for one, there is the FOMC tomorrow to take account of. But their last action was very bullish. So today, one must anticipate what?

It's a great day for the give and take, the terrible evility of the market taking from the weak and giving to the strong. A Laurel or a Caroline could say it so much better than me. But a poor speculator must trade for a living.


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