"'CNBC just reported that mortgage defaults may be driving consumer spending. Lender Processing Service reported that the nation's foreclosure inventories spiked 51.1% year-over-year. That means that 7.9 million Americans are not paying their mortgages. Assuming the average mortgage is $1,500 a month that would free up $11.85 billion every month of extra spending money for iPads. Perhaps that's why Apple now makes up 18.12% of the Nasdaq (QQQQ). What will happen to the Nasdaq if Apple stumbles?'" -read the rest here
Disclosure: I own QQQQ puts.
Friday, April 30, 2010
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