Without Apple's leadership, it will be tough for the market to escape its recent funk.
Can the stock market find its footing without Fed magic?
The stock market logic that used to apply has been reversed.
Stay vigilant -- if big-cap names like Apple break, the indices could fall apart in a hurry.
The folks who are trying to pick a top are turning into short-squeeze fodder and are helping to keep a bid under this market.
Managers are moving into liquid, high-beta names, and I think it means a focus on stock picking, with Europe moving to the sidelines.
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There is little upside momentum and I suspect the action will stay slow until Labor Day.
But, this market is not inviting on the long side, and the hot money is staying on the sidelines.