Investors continue to embrace strong earnings from IBM and Coca-Cola, as we recover from oversold conditions. When President Obama made comments that there has been some progress on the debt ceiling, it triggered another wave of buying around the 132 resistance area on the SPY.
Earning reports are a mix of good and bad. Apple, VMware, and Intuitive Surgical are flying but Chipotle, Fortinet, Yahoo and Riverbed are under pressure. Apple, of course, will be the key driver for tomorrow’s show. Barring any unforeseen macro situation, bulls are again in charge in the short term.
