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Apple Still Drives Markets: Dave's Daily

The recent rally is still being led higher by all things Apple (AAPL) and Monday was no exception as the company will payout a $2.50 dividend and buyback $10 billion of the outstanding shares. They say they're still committed to product innovation but that still remains to be seen. After all, their visionary leader is gone, and beyond tinkering with improvements here and there, we'll have to see if there are any breakthrough products on the horizon. Apple continues to dominate most tech indexes with XLK and QQQ still being nearly 20% weighted.

Financials (XLF, KBE & KRE) for example have also joined the bullish party rallying sharply over the past two weeks. This is a positive since there has never been a durable bull market without financials in the mix. That said, we haven't experienced a financial crisis like this before either.

Other corporate news of note featured United Parcel (UPS) up 4% after its acquisition of Dutch competitor TNT Express.

Bonds (IEF, TLT and others) continue to sell-off as the rotation continues out of bonds and into stocks theoretically. The dollar was once again weaker which gave commodities (GLD, USO, DJP, JJC and others) a lift.

The only U.S. economic news Monday featured the Home Market Index which disappointed (28 vs 29 expected & prior revised lower to 28). Most economic data this week will be focused on housing. In China real estate prices continued to decline as the bubble there may be dropping. But the IMF posted a report suggesting China (FXI) will manage its way to a soft economic landing so markets there rose. Let's face it, investors are anxious for any good news.

Volume remains quite light away from Apple and breadth per the WSJ was positive.

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