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MLR - Pre-Market Pulse for Wednesday, July 24, 2013

Major averages were down on higher volume, indicating distribution. While this is another distribution day for the major indices, it does not yet negate the uptrend which began a month ago in late June. Since then the major averages have stepped higher almost every day, spurred on by quantitative easing.

Apple (AAPL) came in with what was perceived as a "positive" earnings report with iPhone sales exceeding expectations. As a result, the stock gapped up about 5% in after hours trade and could serve to push the NASDAQ Composite higher yet again. That said, while AAPL's earnings are a positive for the company, it does not necessarily negate its stiff downtrend. Strong iphone sales does not imply the emergence of a new "killer app" or hardware products in its pipeline and Apple TV has so far failed to prove that it is the "killer app" that the company is looking for . If AAPL is going to turnaround in NFLX fashion, it will have to show a sharp rebound in earnings, but without a "killer app" technology, it is unlikely to have such a sharp rebound.

Yesterday's action saw a lot of leading stocks come off as the market seems to have lost some of its upside momentum with selling spreading away from the big-cap NASDAQ names where it has been centered over prior days. Meanwhile, Caterpillar (CAT) disappointed on earnings this morning as it provides further evidence of a weak global economy. Can AAPL carry the market higher? That remains to be seen.

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