The Ritual Apple Event

It would not be September without a special event from Apple. And at 1pm EST (a few moments from now, as I write this), we should see an unveiling the iPhone 7, among other goodies. 

AAPL has enjoyed a nice rally this summer, though currently is locked in a $105-$110 range. I do not see a trade at the moment, favoring to gauge the reaction to the event. 

Elsewhere, select names like GIMO are outperforming a soft tape today, as the market still has the feel of summer doldrums. I suspect that will change next week, though. 

Also note continued rotation away from some mult-year winning defense plays, like Kroger. KR had been wildly-extended to the upside for years, and is only now beginning to crack downhill. The weekly chart, below, illustrates my point. I view KR as a short idea into any weak bounces, going forward. 

More in my usual Midday Video for Members, coming up.