Steve Jobs taking a leave of absence and further China tightening was not able to derail the bulls. Apple and IBM earnings were well received after hour. Apple came in well ahead of estimates with EPS of $6.43 versus estimates of $5.43 and the company even raised guidance a bit for next quarter, which it does not normally do. This looks like a very good report. Electronic parts suppliers like Arrow and Avnet also reported strong booking. The economy do seems to be turning around especially in tech land. Tech stocks are usually weak in spring, will this year be different? With the good earnings tonight, we could have another gap up tomorrow morning. The bears are going to be hoping and praying for some sort of intraday reversal, but those had being brief and rare. SPX will have its eye on the 1300 round number by option expiration.
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