Cruise Control

Good morning. It's all about earnings and investors continue to like the headline numbers being reported (see T, AMGN, TXN, DD). In turn, premarket futures are positive ahead of two closely watched reports on consumer confidence and existing home sales which will be released at 10:AM.

Premarket trading is on the quiet side for earnings season, but there are some notable upside movers including TRCR, VION, FRPT, SMBI, USAT, IRBT, SMOD, INGN, NXST, DNDN, TASR, ALTR, PCAR, MSPD, ESRX, FLML, EXEL, HERO, MGRM, ARTG, CNTY, FCEL, SNDK, and CHINA. Notable decliners are UCTT, AMRN, JNPR, UNAM, ALAN, COGO, MCGC, TRAD, MICC, and TLAB.

As we all know, the dips have been both shallow and brief and the buyers seem to keep coming back to the well. It is very difficult to predict when that will change. There are a number of folks talking about the fact that while the market's performance has been very impressive, investors haven't been fully on board and have remained quite skeptical. Large declines, albeit very temporary earlier this year, tend to do that which also ironically gives a lot of buy pressure to these kind of snap back rallies.

For now the market seems like it is on cruise control and without any new and/or unexpected worries to surface, it is difficult to fight the tape. When you combine that with the feeling that most have the market will experience is typical "down season time" starting next month and the bulls are trying their best to get as many gains as possible before May.

Have a terrific Tuesday!