As I stated in the commentary, any concerns about Spain and the Euro Zone would take precedence over better than expected earnings and we're seeing that too. Never mind that the street grossly underestimated earnings last quarter. Almost everyone is beating estimates!
Let's go to the charts to see where we're at:
Here's the problem with my bearish thesis:
And what about commodities? Here's Copper which is still clearly in a downtrend but seems to be experiencing a short term consolidation:
And look at Brent Crude Oil!