As investors await Action Alerts PLUS holding Apple's (AAPL) - Get Report  second quarter earnings results after Tuesday's close, the markets today remained mostly in the red.

Also, the Fed's policy making body, the Federal Open Market Committee, began a two-day meeting on Tuesday with an announcement expected on Wednesday afternoon.

Here are three top takes from the columnists of Real Moneyand Real Money Pro, our premium sites for Wall Street professionals and active investors:

Jim Cramer: Repeal of All of the Gains We Are Seeing Makes No Real Sense

"It's becoming clear now. We are starting to repeal the entire stock market gain made from the incredible and unexpected tax reform package that passed last December," writes TheStreet's Jim Cramer.

"Yep, it's as if the whole darned thing never happened and we have to analyze whether that's a correct judgment or is it just fanciful and a real bad call," Cramer adds.

Apple Earnings and Conference Call: What to Expect and the Potential Reaction

"My gut tells me this is likely to be a mixed quarter for Apple with many an investor hoping the upsizing of the capital return program smooths over any near-term iPhone concerns ahead of early June's World Wide Developer Conference," notes Real Money Pro columnist Christopher Versace.

"If the market is underwhelmed by the capital return program adjustments, we'll likely see AAPL shares come under pressure," says Versace.

The Character of the Market has Undergone a Substantial Shift

Real Money columnist James DePorre says, "Market players enjoyed upside momentum for so long many of them have forgotten that momentum works to the downside also. For years the bears were incapable of generating any sustained downside as dip buyers pounced on weakness."

"That," DePorre says, "is no longer the case."


Join Jim Cramer May 5 for TheStreet's Boot Camp for Investors

Meet Jim Cramer and more than a dozen top market experts on Saturday, May 5, in New York for How to Diversify Your Portfolio: A Boot Camp for Investors.

Highlights includes:

  • An exclusive market update from Jim.
  • A keynote interview between Jim and PayPal CEO Dan Schulman.
  • Break-out panels with top market experts like Tony Dwyer, chief market strategist at Canaccord Genuity; Mike Hanson, senior vice president of research at Fisher Investments; and Peter Hug, global trading director with Kitco Metals.
  • Roundtable discussions with TheStreet's Carley Garner, Stephen "Sarge" Guilfoyle, Bob Lang and other columnists.

All attendees will also receive a free one-year subscription to our newest premium Web site, Retirement Daily (a $99 value).

Where: The Convene Center, 117 W. 46th St., New York

When: Saturday, May 5, 8:55 a.m.-2:45 p.m.

Price: $199. Includes a free one-year subscription to Retirement Daily (a $99 value)

Get more details or buy tickets here.