Now add big upside in revenue vs estimates with the earnings beat and you have the perfect formula for a higher stock price as seen with Apple but we know Apple is its own asset class. Stocks, bonds, commodities and Apple. With a 3rd day of gains in China to a 3 1/2 week high, copper is also up for a 3rd day rising to a 7 week high and the new front month oil contract is at a 4 week high. With a new multi decade low in the 30 yr mortgage rate at 4.59%, the MBA said refi’s rose 8.6% to the highest since May ’09 and purchases bounced 3.4% off their lowest since Dec ’96. ABC confidence confirmed the weakness in last week’s UoM figure, falling 1 pt to -45, matching a 2 month low led by the Buying Climate component. At 2pm Bernanke will give his semi annual outlook and views on monetary policy and the economy. What everyone watching must ask is has the law of diminishing returns set in with the actions of the Fed. I believe yes.

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