Morning Brief Tuesday July 24, 2012

Good Morning. Chairman Bernanke speaks about early childhood education today at 8:45AM. I’m not making this stuff up. Fortunately it is pre-market but expect ES futures to hang on every word in hopes of QE3 being announced. How the man transitions such a policy discussion into a non-financial subject is likely something markets have not thought of.

Sarcasm aside, I would not expect any words from the Chairman on additional accommodative policy. The other economic data of significance is the rather new PMI flash manufacturing index which is forecast to show expansion, unlike the ISM manufacturing report that showed contraction.

After the bell AAPL is the big earnings report of the day. AAPL needs to hold the 580 level (bottom of the zone) as it is currently trading in the “zone” on a weekly basis (zone discussed in Monday’s Market Recap found here). It has not touched this area since November 2011. Even a pierce has bearish implications. So there is some significance to this level. On a monthly timeframe AAPL looks

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