Wednesday -- Apple, Twitter, Exxon, Fed

S&P E-mini Futures:
Down on choppy trade.

News:
By now everyone should know that Tim Cook is simply a manager at Apple. Innovation died with Steve Jobs. Better get used to it. When higher highs come along (and they likely will at some point) I would look to be a seller. It's just business.

The most telling thing about Twitter's earnings, besides being shunned by advertisers who fled to Snapchat, is that last night CNBC's Fast Money didn't even mention the company until the second half of the show, when the filler starts.

Both were notable misses. Twitter's ad problem, along with its business model, is its Achilles heel. It's an internet utility, like Wikipedia, that many use, yet ultimately its valuation is not supported by its monetization.

Today could be quiet until 2pm when the FOMC concludes its meeting without a press conference, so it's all about the statement.

Elsewhere, Bloomberg noted that Exxon lost its AAA rating which it had held since the Great Depression.

FX:
AUD getting hammered on renewed China worries and iron prices which fell 5%.

Treasuries:
It appears that treasury prices may have front run the Fed, resulting in rising yields just in case Janet gets religion today. Prices currently are making a half-hearted attempt to bounce. Lots of day ahead for change.

Energy:
WTI crude loving the latest drawdown figures, ripping. NG falling from its futures rollover gap higher.

Metals:
Gold, silver, platinum, and palladium all higher ahead of the Fed. Copper down possibly on the notable weakness in iron ore prices.

S&P Outlook: