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Answers I Really Wanna Know... - Todd Harrison - 2:58 PM

• With everyone and their sister expecting a blow-out quarter from Apple, how much will that help the tape?
  
  
• As much as Google, Yahoo and Intel?
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  Quick Hits: McAfee Secures Competitor
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  Trading Radar: GDP Highlights a Thin Week
  Geithner Faces Heat, But the Recession Continues
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• Or is that a sideshow in the context of the overarching macro influences?
  
  
• If energy and metals are secular faves, when does the short-term noise morph into long-term opportunities?
  
  
• Anyone wanna join me in sending Professor Cooper in Malibu some major white light?
  
  
• Did I really have to tempt the Goldman Gods (GS) again?
  
  
• Especially after that found money on Friday?
  
  
• Is that a textbook double top in the S&P?
  
  
• At least for as long as the dollar stays bid?
  
  
• If it wasn't for yoga, how would I possibly know how stiff and inflexible I was?
  
  
• Y'all see how heavy Merrill (MER) trades relative to its peers?
  
  
• Can't we learn a lot just by watching? 
  
  
• Like the relative traction in the homies on Friday?
  
  
• Did you see the Hoofy & Boo episode that debuted on Fox Business on Friday?
  
  
• Can you raise your hand if you think we're gonna see a freaky close?  (hand raised)
  
  R.P.

Position in S&P.

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Apple Set To Beat Estimates - Jeff Macke - 1:32 PM

Apple (APPL) reports tonight.  The company will simply destroy guidance, which Apple customarily low-balls, and beat estimates, which are typically low as a function of the guidance anchor.  To be specific, Apple guided tonight's quarter to earnings of $5.7 bln in revenues and .65 eps.  The Street is at $6 bln and .83.  The "whisper" (remember those from the 1990's?) is closer to $6.1 and as much as 95-cents of EPS.

None of which means much, beyond serving as a primer for helping folks be smart consumers of the news reports announcing Apple's (insert your superlative here) quarter this afternoon.

In terms of what it means for the tape as a whole, if the recent past is prelude, it sets up for a buoyant afterhours and morning futures session leading to an open you can sell.  Keep all of this, and Pepe's point and figure work on Apple, in mind before you embrace the beat tonight.

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More on Financials - Bennet Sedacca - 12:41 PM

The BKX is clearly oversold and in the midst of tax selling by mutual funds that want to get them off their books before the October 31 fiscal year ends.

While I don't like 'em longer-term due to my credit worries, I can't rule out a bounce. Watch for a rally on the spring in the chart below.


Click here to enlarge.

Many late-to-the party shorts this morning may get trapped. We shall see.

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Security Sale - Adam Katz - 11:40 AM

I keep reading about the gifts the market is giving. Speaking of, Check Point Software Technologies (CHKP) beat and raised guidance. The 'growth' portion of their business came in as expected (the end point security business) but the reinvigoration of their core firewall biz was even stronger than their awfully promotional CEO had expected.

Given the acceleration of network security breaches, you can bet that the firewall biz will stay strong. According to Bloomberg, 12 holds and 3 sells... the Street will likely have to take numbers up on the heels of this report. And, given my expectation that security will be a big spend next year, and my expectation that we could be gearing up for an end of year run lead by large caps, there are only three ways to purely play large cap security in the US Markets: CHKP, McAfee (MFE), and Symantec (SYMC).

Positions in CHKP, MFE and SYMC.