Market Briefing For Monday, Oct. 30

By Gene Inger
Sunday, October 29, 2017 6:59 PM EDT
Political risk expands as we go into the new trading week.

Daily action anticipates perhaps neutrality as Monday begins, awaiting at least more details about political facts not leaks. Trump's 'do something' call to Republicans is curious for sure. We won't debate the merits of all these speculations. 
No change in our view detailed in a very long overall video. New reports this evening suggest the President is leaning toward Powell for the new Fed Chairman. 
 


Hottest frenzy: the iPhone X - pensive    

LightPath and Apple are mentioned in the main video; so I just want to add that Samsung and Google are both big winners, not losers, if the iPhone X is a big success beyond the initial frenzy to obtain a launch day 'ten'. Most of you know this but Samsung makes the 5.8" OLED screen on iPhone X and Google is the default 'search engine'. So yes, Google pays, some say (it is not precisely known), about $3 billion a year TO Apple for having it as the default search engine. 
 


 

Overall Apple seems to be proving critics wrong about domestic US demand for the iPhone X-pensive as I like to term it; but in Europe and China we are not aware of the reception, probably strong initially, but not for mass market dominance overseas I suspect. As it is the iPhone X-pensive however, that does create a cachet again for Apple's top model (which is much like the 5.8 screen because it somewhat is; with Apple software and internals primarily). 
 


So far the markets have persistently ignored both politics and geopolitical inferences although the Oil and FX (foreign exchange) markets have been roiled a bit; both moving as desired, with respect to firm Oil and US Dollar.     
 

Weekend (final) MarketCast

Midday (intraday overview) MarketCast   


The market (if those indictments don't trouble the market) will then likely firm a bit; knowing investigations can drag out forever; and you have earnings of course from big firms like Apple and Facebook to anticipate at midweek. 

 


In sum, still on the prowl for the elusive correction and realize that: a) you can have a blow-off that corrects and doesn't tank; b) complacency or just frustration dominates the markets as prices move high (I'm tickled pink just now); c) the stabilizing has occurred because 'value investors' mostly gave responsibility of money management to others or computers; and are thus less attached to their money (in more ways than one) versus history; d) this is a danger while seen by 'the Street' as a palliative for passive investing. 
 

Disclosure: None.

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