First post-INTC, judging by the ES tone tonight, the market looks at flawless execution (INTC) as a non-event or it’s just a lazy bum looking forward to the 3 day weekend.  It was pretty obvious by >2% pre earnings day INTC  move,  it would be impossible to move the behemoth following results,  no matter how flawless they might be.   We should just be happy it didn’t disappoint and not worry that the ES futures didn’t ramp up.   So far this is a repeat of LLTC  earning, a big player in space, suggesting many Semi’s, particularly INTC may peak shortly in their own metrics(gross margins) and therefore stock price.  It doesn’t mean Nasdaq and /or market has to stop grinding higher as there is always ‘rotation’ even amongst the technology groups..eg software/ hardware from Semi’s.

As far as market activity today,  the early week losses have been made up and the theme remains the same of buying on any weakness, still no conviction to chase the market too much higher.  Lately, any bad news has literally been shrugged off, either right away or if any selling ensues it is bought eventually.  We haven’t had back to back downside days since early December.   The market needs a ‘ BIG’ catalyst in the short term and we have no idea what this possibly could be on the positive side to go higher.  The odds are always better for a surprise ‘BIG’ negative, so we must simply ‘trade’ the upcoming individual earning surprises or sectors that get momentum.   Such, was the alert idea on Sept 8th to buy lodging/hotel stocks HOT/ MAR.   This was the standout group today as both have broken out in the past 2 days and now are up ~7% since.  The “Shadowlist” is not only comprised of stocks we trade, it is also comprised of stocks to see where the money flow/momo is day to day giving you daily options as to where to put our money in or take out.  

Next on deck, JPM ,  even though the market inched up to a new intraday high of 1150, it is still showing tiresome attributes tonight possibly and the JPM report is unlikely to be a ‘BIG’ catalyst to the upside.  The weekend may provide more than direction than INTC/JPM.