• The decline in the stock market yesterday had more to do with the further rise in bond yields than Fitch’s downgrade of the US credit rating.  (The bond yields rose in reaction to the ADP employment report, not the Fitch downgrade.)  If bond yields remain elevated, yesterday’s drop will likely continue for a while.
  • Apple (AAPL) reports after the close this evening.  It’s testing the bottom of an upward sloping trend-channel, so this earnings report is going to be important on the technical side of the ledger for the stock (and likely for the broad stock market).
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