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A nice afternoon rally yesterday in the market took back 2/3rds of the days losses to end down a mere 53 points after being down almost 190 midday. A rumor hit the trading desks that Apple had plans to enact a 4-for-1 stocks split and shares, and the Nasdaq, exploded higher. Even after rumors were debunked, investors began discussing what Apple can potentially do with its $40 billion cash position. Jobs dismissed the idea of a dividend or stock buybacks and hinted at the possibility of aggressive acquisitions. This idea even further excited investors who trust Jobs' ability to see value and take the company in the right direction. Apple, trading down about 2% early yesterday, ended up 1.3%. We see follow-through today in AAPL shares trading up another $2 off the open.
Yuna Kim won the gold medal in Olympic figure skating! Damn, that girl is incredible and truly the pride of South Korea. A few nights ago she shattered her old short program record to set a new world record of 78.5. Then, last night in the free skate Yuna did the unthinkable demolishing her own previous world record scoring the highest ever total of 150.06. Pundits believe this record could last decades. Her closest competitor and the silver winner, Mao Asada, scored 131.72. I'm not that big on figure skating really but having a Korean girlfriend helps. I'm just impressed with excellence in any field or sport, she is well worth watching along with the short program, too.
Obama's ol' health care summit does not appear to accomplishing much. From what I watched, it seemed like democrats presenting the crucial pieces of legislation they want in a bill and republicans telling Obama they need to scrap the current 2,400-page bill. Republicans are just not going to be non-political having stacked up copies of the bill on their desks for show and saying that it is 2,400 pages about 7,000 times. I generally don't support the bill either and it does not seem republicans are going to cooperate much. I think Obama largely lost his chance to garner bipartisanship when he let Congress loose to form its own bill.
The GDP reading were revised up slightly to 5.9% from 5.7%. But, who really cares about that? The unknown is how the economy handles reductions in fiscal spending and a tightening monetary policy.

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