WEDNESDAY 9/17/14; FDX; GIS; LEN; CPI; Fed Rate Decision, Forecasts and Press Conference; Yellen Rally; INDU and TRAN Print New All-Time Record Highs; MLHR

The dollar/yen moves sideways at 107.27 remaining above the 107 level. The NIKK finishes a touch lower call it flat. Sony guides lower on poor results from its mobile business. Sony plans to cut 15% of its mobile workforce. Aussie dollar 0.9075. The SPASX200 loses -0.7% as talk of a housing bubble causes 




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 Industrials from a Dow Theory perspective and point to more market upside ahead. TRAN gains +1% printing a new all-time intraday high at 8695.41 and all-time record closing high at 8652.00.

The COMPQ is up 9 points, +0.2%, to 4562 well below the 14-1/2 year high above 4600 a couple weeks ago. The Nasdaq sits under the 20-day MA resistance at 4564. The RUT small caps are up 3 points, +0.3%, to 1154 sitting at the 50-day MA at 1152 and 200-day MA at 1151 with the death cross likely to occur tomorrow (50-day stabbing down through the 200-day).

After the closing bell, permabull Jack Bouroudjian says, “The green light is on” for the stock market. Bouroudjian says stocks are heading higher and today is a positive turning point for markets. MLHR reports positive earnings and furniture sales are a bellwether for the overall economy. PIR is beaten -10.4% after reporting weak earnings. UNFI, a food supplier for WFM, jumps +5% on strong earnings. FANG is declawed dropping -3% after planning to offer more shares. FLXN is beaten -26% due to poor results for its pain drug.

IBM identifies a minimum computer and technology skill level that all employees must meet. The tech company targets the workers deficient in the skills and requires they enter a training program that will reduce their wages by -10% while they rebuild their skill set. IBM must be concerned over the bottom line to reduce wages since the move will hurt company moral and likely decrease productivity. IBM may not be as busy as thought if time is now being allotted for training and skills development.

After all the praise around the new AAPL iPhone6 and Apple quality, a bug is exposed in the iOS8 operating system that prevents the loading of the Healthkit apps. The Healthkit will not be available until the end of the month. Apple blames the health app software and not the operating system similar to the iCloud hack attack a couple weeks ago where Apple insists that the cloud was not compromised. AAPL controls the news flow to foster the image of superior quality despite the problems. Cult-like enthusiasts praise Apple products blindly even though the latest iPhone and operating system is playing catch-up to the Samsung smartphones in respect to screen size and new operating system commands. The demand for the new iPhone6 Plus is off the charts and weeks and months will pass before production comes in line with orders.