It was one of those days where if you weren't in at the open, there wasn't a chance to do much. The market traded in an extremely tight range all day after the gap-up open. The anticipated AAPL results probably helped keep both sides pinned down.
The action today was all about a surprisingly strong earnings report from INTC. There were a few other strong reports, like LVS and VMW, but it was Intel's report that turned the technology sector around and that caught a lot of folks by surprise. There had been growing chatter about a slowdown in PC sales recently, but Intel's results made it clear that inventory levels were low and corporate business is quite robust.
Breadth was exceptionally strong and volume was decent. Banks were the only blight on the screen as WFC performed poorly amid its report and GS continues to downtrend.
The bears are going to be pointing out that crude oil is running up again and that financials are acting very poorly, but you have to be impressed how Intel didn't sell-off at all today, like it usually does after a good report.
long INTC
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