One Healthy Drugmaker

Yesterday the news out of Europe looked like it ran some of those stops that have been sitting just above the highs in the S&P 500. Anyone shorting this market has had a very hard time of late, as the 14% run off the reversal bottom from less than two weeks ago now can find no sellers. That may change today given the latest round of earnings numbers, released after the bell last night. In particular, Apple (AAPL) ended up trading down about $25 on what is being touted as an earnings miss. Given its weighting in some major indices, that selling pressure will be felt broadly.

Regardless of whether Intel (INTC) and others can create enough of a lift to counter the Apple pressure, what seems clear is this: As much of a driver as anything the U.S. does is that European resolution coming to a head. A lot of that expected resolution is priced in now, so Europe had better deliver something that looks like it holds water this weekend. As is often the case, minefields everywhere still....426 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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