Given the way this market has been acting for the last six weeks, it shouldn't come as too big of a surprise that INTC's earnings report failed to be a turning point, like it has been in the past. Intel itself finished down, but it seems like it was the only name in the chip sector that actually declined. There was some wild chasing of semiconductor-related stocks and, to add to the euphoric feeling, banks were very strong as well.
Volume and breadth were OK (nothing fantastic), and there was notable weakness in commodity-related stocks and sectors, including steel and coal. I was a bit surprised to see the list of new highs shrink today, but that was due mainly to the pullback in oil.
There is not much new that can be said about this market. The indices have tremendous momentum. In fact the lack of pullbacks is at historic levels. There has been no profit-taking at all in this market and anyone brave enough to try to call a top is being crushed.
Maybe the market is acting irrational and illogical, but that is the nature of the beast. The market doesn't care what we think or feel, and we certainly aren't going to win any arguments with it.
Don't forget that earnings season is just beginning. The very important report from AAPL will come after the close on Tuesday, and that will set up a very interesting situation with the market at such lofty levels.