Earnings from IBM and Intel were not well received and caused the small sideways pull back. So far, Qualcomm and American Express are selling off after reporting after hours with F5 Networks bouncing. We will also have Bank of America and Morgan Stanley earnings tomorrow morning. Even thought the bulls felt lethargic today, the market held well above Tuesday’s lows and the 50 day moving average on the S&P. In addition to earnings tomorrow, weekly unemployment claims and the Spanish bond auction will set the early tone. The upside momentum may have slowed, but the bears can not get too comfortable with the FOMC meeting scheduled next week
