A Weekend To Sort Things Out.
The first thing to know about today is that last night many of the Street's basic assumptions were laid to rest. The idea we have a fairly good economy was destroyed by a preliminary GDP report which said we're only growing at 2%. less than 1/3rd the level of the last 2 GDP reports.
Well, at least the Street knew they could rely on the big five, to continue chugging along, supporting a positive growth scenario for the market. Then came the dismal Apple earnings, and the even more dismal Amazon earnings. Bringing their sense of invincibility back down to earth.
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