It's All Apple Now

There's some squeezing in the Nasdaq now, but when the NQ was up about 1 percent this morning, the entire amount was from Apple alone. Apple was 13.67 percent of QQQ coming into today. It was up about 6.5 percent when the QQQ was up less than 1 percent. A 6.5 percent gain in Apple was enough to lift QQQ about 0.89 percent (lots of moving parts so this isn't precise). They reported not good earnings. Not terrible earnings though, and the stock was probably heavily shorted by bears looking for carnage. Hence a big squeeze this morning that propped up the markets. I expect it will run out of steam around 11 am, not far from here, although it might get all the way back to 3900 before reversing.