After Hours Update

Today's action was bullish, even if the indexes didnt' close positive for a 3rd day. The markets were down earlier in the day, but recouped those losses by rallying into the close. This is a change in character from previous rallies that were completely retraced in the next couple of sessions.

Bond yields moved lower again today, with the 10-year closing at 5.04%. The Fed's Beige Book pointed to a further slowing of growth, and mentioned residential real estate specifically. The talk on the trading floors in the bond pits isn't that the Fed is going to "pause", but that they are actually going to be finished raising rates.

After hours, the earnings minefield continues:

• Navteq (NVT) missed by 3 cents and said "faced a number of challenges"; reaction = down $4
• Baidu.com (BIDU) beat EPS by 4 cents and raised Q3 guidance; stock reaction = down $13
• Akamai (AKAM) beats by 2 cents, raises guidance; reaction = up $4.50
• Intuitive Surgical (ISRG) beats by 15 cents; reaction = down $10
• MEMC Elec. (WFR) beats by 3 cents, raises FY guidance; reaction = up $3
• Symantec (SYMC) beats by 6 cents, raises guidance nicely; reaction = up $1
• Zimmer (ZMH) beats EPS by a penny, guides Q3 in-line; reaction = down $2
• Itron (ITRI) beats by 8 cents, raises guidance slightly; reaction = up $2

net long WFR; short AKAM, NVT