The market has been anticipating more good earnings tonight, and it looks like it is getting some mixed news. GOOG's EPS is well ahead of estimates, and the initial reaction is pushing the stock up about 12 points. IBM is now out and is only a couple pennies ahead, and the stock is down 4 points or so initially.
The market has been doing very well, even though the stocks that have reported earnings so far have not done as well. Market players still want to be in this market, but they aren't particularly interested in buying these names that are posting numbers. I suspect that isn't a particularly good sign, but the technical action of the market is still so strong that it is a mistake to anticipate any weakness.
We'll see how things play out as more reports hit. It is feeling rather frothy, and we have some signs of a sell-the-news inclination, but until it spreads to the broader market, the bulls are in control....
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