General
AAPL enabled the NASDAQ Composite to finish in the green compared to the S&P 500 on news that AAPL has set September 12 as the date they will unveil their much awaited iPhone 5. Both gold and silver pushed higher as expectations for renewed quantitative easing grow. Indeed, over in Europe, Chancellor Angela Merkel has indicated she's open to European Central Bank president Draghi's plans. The ECB meets on September 6 to discuss further action regarding quantitative easing.
In economic news, the Institute for Supply Management reported Tuesday that the ISM index fell slightly to 49.6% in August from 49.8% in July. Economists were expecting a climb to 50.2%. Globally, economic growth continues to slow. U.S. futures this morning are indicating a breach of recent support in the market's 2-3 week consolidation, and if this pushes further could bring the 50-day moving average into play for the major market indexes. Investors should be vigilant and stick to their sell disciplines should the situation deteriorate. However, many leading stocks continue to act well, and orderly pullbacks to logical areas of support could present buying opportunities depending on how any general market pullback continues to unfold.
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