Mixed Open For Stocks

Yesterday was another down day in the markets, but volume ran below Friday's levels, so we avoided another distribution day.

We are in the heart of earnings season, and company reports really seem to be affecting the action in the overall market. Last night, TXN reported a quarter that wasn't as bad as many had feared, and this is helping the semis bounce this morning.

UTX also reported a strong quarter this morning, and this is giving a lift to the Dow in early trading. With so many reports coming out, and big overreactions in both directions on the part of investors, this is a tough week to trade and initiate new positions. Better to let the dust settle and discern the winners from the losers.

Oil had a surprising reversal yesterday, after running up to the $53 level, it closed lower on the day. This morning it is back up to that $53 level. This is lifting the energy complex, while brokers and biotech are seeing selling.

The 10-year yield is up slightly to 4.78%. The dollar is weaker this morning, but it has been strong for several weeks now.

In other news and notes:

• Asian markets flat overnight
• NCC misses by 5 cents; stock up slightly
• FBR upgrades URBN to Outperform ($30 tgt)
• SIMO profiled in IBD
• BLK reports in-line, raises guidance
• COH beats by 3 cents; stock falls slightly
• EMC beats EPS, raises guidance; stock down
• ENR beats by 20 cents; stock gaps higher
• Pru ups target on MA to $130

long URBN, UTX