A Trifecta — May 3, 2024

Locator: 47044ECONOMY. 

The trifecta:

• JPow’s incredibly dovish and clear comments earlier this week
• AAPL’s results; market reaction
• jobs report this morning

Perfect day for tax-loss harvesting.

Great day to check top ten components in Invesco’s QQQ. I’ve never discussed this before on the blog; maybe time to share my thoughts.

Link here. 

Sell in May, go away? A July cut looks very possible. Maybe not likely but certainly on the table.

If the jobs report one month from now (the May data) gives JPow comfort, look for a rate cut in July. 

Other trifectas.

Apple trifecta:

• services earnings hits record
• China’s iPhone sales not as bad as feared
• massive, record-setting buyback

By the way: Apple’s buybacks are not new, simply part of their business. Six years ago Apple announced a $100-billion buyback and the company had a market cap of under a trillion dollars. Now a similar buyback and folks think the buyback is massive. Hellooo? This is now a three-trillion-dollar market cap company. The buyback was trivial in the big scheme of things.

110 billion / 3 trillion = 3.7%.

Is Apple a bank that happens to sell smart phones?

Big Tech buybacks are huge; not just AAPL. Another buyback trifecta:

• GOOG
• META
• MSFT

And, finally, this trifecta:

• Cinco de Mayo 
• The Kentucky Derby
• first summer weekend for many colleges 

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The Book Page

A History of the Jew in America, Howard M. Sacher, c. 1993.

I picked up this book at a discount / used book store in Nashville many months ago. I started reading it some time ago, and then moved on to something else.

Am starting over. It's simply an incredible book. A must-read for a college-bound student majoring in geopolitics.

I post my notes on this book at this blog.