Downbeat guidance from Apple offsets positive PMI report from Markit Economics.  Apple (NASDAQ:AAPL) brought some bad news to investors on the same day that the Markit Flash U.S. Manufacturing PMI report for January indicated a rise to 56.1 from December’s 54.0.  A reading above 50 signals expansion.  Apple’s quarterly earnings report resulted in a wave of lowered price targets from stock analysts, sending the stock into a 12-percent nosedive.   Is Apple a Value Trap? As of 2:39 EST, the Dow Jones Industrial Average advanced 43 points (0.32 percent) to 13,823.  The S&P 500 Index dipped 0.03 percent to 1,494 after hitting 1,502 just before noon (NYSEARCA:SPY).  It was the first time that the S&P had been above 1,500 since December of 2007.  As the chart (above) indicates, the S&P 500 continues to rise above its previous resistance level of 1,470.  Its Relative Strength Index is in the “overbought” range at 71.86 (Chart courtesy of  Stockcharts.com ).  The Nasdaq Composite declined 0.74 percent to 3,130 (NASDAQ:QQQ).  The Russell 2000 Index advanced 0.09 percent to 897 (NYSEARCA:IWM).   Markets at New Highs:  Two ETFs to Consider  a Pull Back The “Dollar Bull” Index ETF (NYSEARCA:UUP) remained unchanged 21.83 as of 2:33 EST. As of 2:21 EST, the S&P 500 Volatility Index – or VIX – advanced 8.27 percent to 13.49 and the VIX Short-Term Futures ETN advanced 5.05 percent to 23.82 (NYSEARCA:VXX). The Euro STOXX 50 Index finished Thursday’s session with a 0.54 percent advance to 2,722 – staying well above its 50-day moving average of 2,622.  After breaking above its resistance level of 2,700 on Monday, the STOXX 50 is once again attempting a sustained advance above that level, which has been a barrier since the beginning of the new year.  Its Relative Strength Index is 64.67 (NYSEARCA:FEZ).  The FTSE 100 Index surged 1.09 percent to 6,264 (NYSEARCA:EWU).  The German DAX Index advanced 0.53 percent to 7,748 (NYSEARCA:EWG).  France’s CAC 40 Index climbed 0.70 percent to 3,752 (NYSEARCA:EWQ).  Spain’s IBEX 35 Index rose 0.61 percent to 8,665 (NYSEARCA:EWP).  Italy’s FTSE MIB Index jumped 1.01 percent to 17,756 (NYSEARCA:EWI). As of 2:15 EST, the euro advanced 0.42 percent against the dollar, trading at $1.3374 (NYSEARCA:FXE). On London’s ICE Futures Europe Exchange, March futures for Brent crude oil advanced by 58 cents (0.51 percent) to $113.38/bbl. (NYSEARCA:BNO, NYSEARCA:USO). February Gold futures declined by $18.80 (1.12 percent) to $1,667.90 per ounce (NYSEARCA:GLD). ETF Summary:  SPDR Dow Jones Industrial Average ETF (NYSEARCA:DIA)  +0.40%  as initial unemployment claims fall to a five-year low and the January Flash PMI report shows expansion in the manufacturing sector. SPDR EURO STOXX 50 ETF (NYSEARCA: FEZ )  +0.54%  following the release of the Eurozone Flash PMI report from Markit Economics which disclosed readings at 10-month highs. Technology Select Sector SPDR ETF (NYSEARCA:XLK)  -1.54%  following the downbeat earnings report from Apple.   Apple Turns into Applesauce, Know These Levels iShares Barclays 20+ Year Treasury Bond Fund (NYSEARCA:TLT)  -0.21%  as advancing stock prices increase investors’ appetite for risk, making the safe haven of government bonds less attractive.   Learn More About iShares ETFs SPDR S&P 500 INDEX ETF (NYSEARCA:SPY)  +0.11%  after breaking above 1,500 for the first time since December of 2007, the wave of positive earnings reports during the current season has sent the S&P into the “overbought” range. Bottom line:  Apple sent the tech sector and the Nasdaq into the red on Thursday following investor concern that the company’s glory days could be over.  Sign up for Wall Street Sector Selector’s FREE Stock Market Timing Indicator!    Disclaimer: The content included herein is for educational and informational purposes only, and readers agree to Wall Street Sector Selector’s Disclaimer , Terms of Service , and Privacy Policy before accessing or using this or any other publication by Wall Street Sector Selector or Ridgeline Media Group, LLC.