• The market saw another rise yesterday, but it reverted back to a narrow rally.  That said, the S&P 500 did break above its August highs, so unless it reverses lower almost immediately (sometime this week), it’s another bullish development on the technical side of things.
  • Apple (AAPL) was downgraded by UBS this morning.  We thought that was against the law!  Seriously though, when you combine the outlook for iPhone sales, the stock’s valuation and overbought condition, a near-term breather is not out of the question.
  • CPI number was in-line, so the market’s attention will quickly move to tomorrow’s Fed announcement/press conference.
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