More Earnings Goodness

JPM beat earnings expectations on the heals of Intel's positive earnings from yesterday afternoon and the markets are getting a bid this morning. We have seen minuscule trading volume and small trading ranges of late. I would be ready for some more volatility to enter into this market and expect to see an expanded trading range as well. Earnings season is beginning to present an opportunity for this market to move even higher. Markets trying to decide if they will begin a consolidation phase as the Dow is at the 11000 range and the S&P is at the 1200 range. Although the markets have shown subtle signs of weakness, there have been no technical confirmations to suggest shorting the market yet. It is interesting to note that the market is not seeing more strength in response to quite stellar earnings news. On the flip side, the market has not reacted negatively to poor economic news of late, so hard to tell what it all really means. All we know is that this market is over extended and that it is due for a pull back at some point. For this reason, when we finally do see some selling, it will probably be swift. Overall, I am neutral to positive right now and waiting for a technical sign to confirm weakness...