The market did such a great job yesterday of anticipating today's earnings report that all the moves already occurred and left us with a pretty dead day. GS closed almost flat, and the indices were stuck in tight range all day. The action wasn't bad, in fact breadth, particularly on the NYSE, was quite good, but there just wasn't much energy.
The problem is that it is tough to act with major earnings reports pending. Even though market conditions look wobbly, the bears don't want to be run over by an upbeat report, but the bears are also a bit hesitant, given that the big technical picture isn't that positive. That leaves us with a stalemate while we await news from INTC, GOOG, AAPL and the like.
Intel is now halted ahead of its earnings report, which I have never seen them do before, and it looks like the numbers are quite good and guidance strong. The Nasdaq 100 is up sharply on the report.
This will give a boost to the market tomorrow, and we'll have a good test of how much juice the bulls have. They have some good news to work with, and they will be off to a strong start in the morning....
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