Mixed Open For The Market

The market is opening mixed this morning, with a slight pullback in the SPX and a rally in the NDX. The latter is being helped by gains in QCOM and EBAY, both of which reported earnings last night and received positive reactions from investors.

Existing Home Sales came in a little weaker than expected, pushing out hopes that the housing market has seen a bottom. Homebuilder NVR also reported earnings that were well below expectations.

Oil is a bit lower today, even as it continues to hover around the $55 level. Coal stocks are extremely weak after some bearish reports. And bond yields continue to rise, with the 10-year gaining another 3 basis points to 4.83%.

Yesterday was a big day for the Nasdaq, with rising volume making for a strong accumulation day. People have been awfully quick to give up on tech leadership, but I am not leaving the table yet.