The downward revisions this quarter seemed to be priced in ahead of earnings. INTC and HON had both dropped 10+% before earnings and are rallying after earnings on inline earning per share or less bad guidance. QCOM and IBM are doing the same tonight and rallying even thought the beige book are only showing modest growth. It would be prudent to pare back a little long as we are getting short term overbought, but the trend continues to point up.
