The market is struggling with the inverted yield curve issue again today, reflected in the weak action of the financial sector (XLF) .
Banks are at the lows of the day, and the indices are heading in that direction as well, as the Apple (AAPL) 'event' seems to be generating more wisecracks about the tech giant's new credit card than applause for its innovation.
The Apple event shows the company is still looking to expand its business, but it also is confirmation that their hardware business, and the iPhone in particular, is a mature business that can't grow like it once did.
We'll see if Apple can stay above the lows of the day as this new product event winds down, but I'm not seeing much excitement and are some characterizing the offerings as 'desperate'.
Expansion into content and financial services is the natural progression, but it sure isn't as exciting as hardware innovation.
This market needed something to distract it from the inverted yield issue and deteriorating technical conditions, and Apple is not going to provide it. Breadth is negative but not extremely so. There is plenty of chop out there, and recent winners like StoneCo (STNE) are pulling back.
The selling isn't nearly as aggressive as Friday, but it is not very attractive action and I'm staying mostly on the sidelines.
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