PRE MARKET

Yesterday was strong. Yes. there were divergences as 2 names, MMM and CAT did most of the DOW lifting but HOUSING was strong, FINANCIALS were strong and still lots of green. The other part of the equation is the continued back-up in long rates. The 10 year is yielding 2.65 as we write this, up again this morning. This has the FINANCIALS stronger as perception of expanded margins win the day.

Lots of jello moving on the plate in earnings season…

On the upside:

AKAM, MKSI, APH, IRBT, NOC, ILMN, ANTM. There are smaller gaps of note. Keep in mind, price will change and yesterday, we saw some reversals.

On the downside:

BA was down $5 but now only down $2. Been the big leader in the DOW. Earnings down 23%, sales up 2%. Go figure.

CMG smoked for almost $40.

TXN a semi leader only down $1.75.

Other gappers are AMD, JNPR, DPS, SFLY, T, EW, ACHC, EXP, DFS, WYN.

Again, sorry if we missed some names…and remember, price will change.

Futures down a wee bit…