Honestly, I am not sure why so many people were surprised by Intel and JP Morgan’s earnings. Chip makers typically do better when college students go back to school. Schools may need new software and students usually buy new notebooks before returning in late August and early September. Also, JP Morgan has been getting the nod from the government ever since Bear Sterns and Lehman got shown the door. They have been given the savior title from Washington and said they were on the road to an outstanding finish. Retail sales were down -1.5% today because of the end of cash for clunkers. The automobile industry put a small dent in the retail number.