December S&P finished up 6 at 2582.7, 1.8 off the high and 8 up from the low.
December S&P E-Mini closed up 6.25 at 2583. This was 9.5 up from the low and 2.5 off the high.
While the NASDAQ was the stellar performer today because of the upbeat sales and dialogue news from Apple, the rest of the market showed negative divergence in a fashion that could point to a passage of “buy the rumor” on the release of the US tax reform package. We are sure the weekend press will be rife with suggestions that the tax reform package will raise taxes on the middle class, lower taxes on the middle class, add to the deficit, stimulate the economy, that it won’t stimulate the economy and lastly it will either raise the deficit or eventually reduce the deficit off better future growth. In the short term, headlines trumpeting the potential for a $1 trillion value in Apple provides underpin to the NASDAQ and probably helps to cushion the rest of the market from more aggressive corrective action.