One of the things we pride ourselves in is the fact that we do not take public information for face value, nor do we even contemplate the sources very much. That seems risky right, but in realty what we are being sold and who’s selling it are about as trustworthy as a 3 year old holding an ice cream cone without giving it a lick. In fact, we are inundated with various reports from all over the World Wide Web, main stream media, etc.
This is going to be a quick note with some charts due to the Thanksgiving holiday week. We continue to see bounces being sold into in terms of the equity markets. Our readers have been well informed of our sentiment and despite expecting this to continue, we do expect some bounces to occur now and then. The larger global macro theme hinges on the FEDs continued hikes and deteriorating global cohesion theme.
This week’s note will begin by reiterating our bullish theme on the Natural Gas market. We have been clamoring for weeks about both the technical and fundamental backdrop that continues to underpin this Bull Run.
Among those who believe we have shifted into a new political and economic cycle, there is a growing chorus of voices that say the 10-year bull run in equities is heading toward a new direction as well. As such, investors are looking for investments to protect and enhance returns when this cycle ends.
We have a lot to get into and we will start this note off with this week’s big news, which was delivered by Apple. Here are the numbers as reported:
- Q4 EPS: 2.91BN, beating Exp. $2.78
- Revenue: $62.9BN, beating Exp. $61.44 billion
- iPhone sales: 46.9 million, missing Exp. 48.4 million
- iPad sales: 9.8 million, missing Exp. 10.5 million, and down from 10.3 million a year ago
- Mac sales: 5.3 million, beating Exp. 4.9 million, and down from 5.4 million a year ago
- iPhone ASP: $793, up from $618, smashing Exp. $729
- Guidance for holiday quarter revenue: $89-$93billion, with the midline below Wall Street estimates of $92.74 billion (Zerohedge)