From Peter Tchir of TF Market Advisors
AAPL-on, But Will Ben Drink The Calvados?
As far as I can tell AAPL is driving everything. It’s no longer risk-on/risk-off, for the entire week, it has been AAPL-on/AAPL-off. As a result of AAPL earnings, stocks around the globe are reacting positively. Spanish 10 year bonds dipped below 5.70% at one time today, and CDS was 25 bps tighter, all the way to 465. Both are fading, and as far as I can tell, the move was a giant short squeeze as it
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