Speed bump...

In typical ‘resilient’ fashion, market came off overnight lows to not only recoup those losses, but make fresh new high ones.  Once again, the broad market kept steady on the back of rotation into a different group (Fins’)  as value seekers/and short covering came in after last weeks shellacking, post C  EPS .  Despite a >8pt gain in the SPX, the broad tape was quiet unless you’re into defensive groups (utilites/healthcare).  At least some action nice early action in SIGA  and rare metal plays like MCP.

AMC was the action for the day as fans became fickle and threw away AAPL, IBM, VMW  and those guilty by association due to (lighter Gross margins/ipad #'s, soft software segment and bookings), respectively, not meeting expectations despite the ‘headline’ numbers being fine.   The excitement of the Bears to see momo names- groups/ mega caps off many points individually AMC is probably going to be short-lived as far as the broad market is concerned.  It’s nice the market had a ‘useless 8pt' gain that can be evaporated as if today(inc.AMC) didn't happen and we can start fresh.   Either, we will see bargain hunters go bid out on tech and/or we will see another group pick up the slack to keep this market steady as been discussed here.   If this happens, the market clearly than has its eyes set on SPX 1200 by QE2/FOMC date.