Reply #30: 12:11 Lunchtime check

[54anickel]

Dow 10,484.10 +115.49 (+1.11%)
Nasdaq 2,024.48 +15.78 (+0.79%)
S&P 500 1,171.67 +7.92 (+0.68%)
10-yr Bond 41.92 +0.70 (+1.70%)
30-yr Bond 46.67 +0.61 (+1.32%)
NYSE Volume 732,925,000
Nasdaq Volume 952,210,000

12:00PM : Stocks maintain the bulk of their gains midday following better than expected earnings reports... Strong quarterly results from a number of blue chips have been the catalyst behind this morning' rebound after four straight days of declines have left the market arguably oversold... Seventeen of the 25 S&P constituents reporting this morning, like JNJ, DD, ABC, MER, SLB and XRX to name a few, have beaten expectations while just 3 have missed forecasts... Broad-based buying interest has kept a bullish bias intact since the open and lifted nearly every sector...
Gains of more than 1.0% have been witnessed in semiconductor, software, pharmaceutical, health care and transportation, as airlines (+4.4%) and railroads (+3.2%) have lifted the latter... Materials, boosted by a 5.1% gain in the steel group, has traded higher as have retail, financial and consumer staples while no large industry groups have shown significant losses...

This morning's economic data this morning came in mixed but has had little impact on the stock market, as Jan consumer confidence checked in better than anticipated at 103.4 (consensus 101.3) while Dec existing home sales came in slightly worse than expected at a 6.69 mln annual rate (consensus 6.80 mln)... Treasuries, however, have fallen following the unexpected rise in consumer confidence, leaving the 10-year note off 17 ticks to yield 4.18%...DJTA +2.1, DOT +1.2, SOX +1.7, NYSE Adv/Dec 1906/1213, Nasdaq Adv/Dec 1784/1130

11:30AM : Buyers remain in control of the action as market internals hold a firmly bullish bias... Advancers on both the NYSE and Nasdaq have held a more than 2 to 1 advantage over decliners since the market opened while up volumes have outpaced down volumes by a more than 3 to 1 margin... The Composite has found support above the 2032 level while the S&P has held above 1171 and the Dow, which is slightly off its best levels of the session, still holds intraday support above the 10470 level... NYSE Adv/Dec 2032/1029, Nasdaq Adv/Dec 1994/869