The SOX does a V-shape but now definitely overbought. No biggie if it pulls back.

Bad earnings are gapping up. No really. Companies with down sales and/or earnings are on the move.

Good earnings are really being bought up. It is these characteristics that define good action.

BUT…small caps, mid caps, transports, foreign markets continue to under-perform so for the most part, this is a large cap affair.

The maniacal fed is lowering rates this week. Europe is going to go even more negative with rates. Many other countries are lowering with China adding zillions to the system.

A zillion more names reporting soon. We will be concentrating on the best reactions with the strongest earnings and sales growth.