Putting aside its incredible product line and pipeline of more, its still attractive valuation relative to earnings, and its $100 per share of cash that may be used for a dividend soon, Apple’s stock has gone parabolic. And, parabolic moves always end one way, back to the place where the parabolic move began. Now, AAPL can of course power higher to who knows where in this move but the largest market cap stock in the world has now entered a tenuous phase, strictly technically speaking. But I digress. German investor confidence, the ZEW, in the next 6 months rose back to positive territory to the best level since April ’11. Portugal’s economy on the other hand contracted for a 5th straight quarter in Q4. Italy sold 6b euros of debt maturing in ’14, ’15 and ’17, the max they wanted to sell. Moody’s credit moves on European sovereigns were just playing catch up. In Asia, the BoJ ramped up QE by 10T yen and said it will go to buying more JGB’s. They seem to think that a 10 yr yield of .97% is a barrier to growth. India’s wholesale inflation in Jan fell to the slowest pace since Nov ’09 and opens the door for rate cuts. In the US, small business optimism index from the NFIB at 93.9 was below expectations of 95, although up a slight .1 from Dec.
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