I sure hope the earnings report that start to roll out this evening are interesting, because I can't take too many more days of action like we had today. It wasn't bad action, but it was sleepy, slow and random.
So far, IBM and ATHR are trading down after releasing earnings while we await TXN. We have had a definite sell-the-news response to earnings so far this quarter, so these reports will be a good test. So far, it looks like that theme is continuing.
We'll have a further test in the morning, when GS, JNJ and and a few others report, but the buyers seem to have very high expectations, and even when they are met, like INTC did, we still aren't seeing sustained upside traction.
The bottom line is that we are in a downtrend, and sellers are treating all news as negative. Until that changes, playing defense may make the most sense, although that's not what I'm doing. It isn't very exciting, but it pays off nicely when we don't have to spend time trying to recoup losses.
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