People Aren't Buying Highs; They Are Buying Dips

U.S. equities slide for a fourth consecutive session on mixed earnings although stocks parred losses to end the day nearly unchanged. One of the top stories today was President Trump meeting with various heads of top Pharma companies (LLY, MRK, etc.), and the group has seen a bounce (biotech as well) following commentary he will soon announce a new FDA leader whose mission, in part, will be to speed the drug approval process (helping names like PFE and LLY which missed earnings earlier turn higher and lift biotech by 2%). All eyes on AAPL after the close posting record revenue and an all time record in $246 billion cash. Key events this week will include the FOMC meeting (starts today with results tomorrow – as expectations are for rates to remain on hold while waiting for more clarity on fiscal policy) and the monthly jobs data released on Friday.
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