Strong Earnings Reports Continue To Roll In, Drive Market

The market got a small bounce at the open, on the heels of several more better-than-expected earnings reports. So far, much like I expected, earnings growth has come in above analyst expectations for Q1. And guidance has been solid as well.

Last night, Apple (AAPL) reported truly blowout earnings. I couldn't believe my eyes, as they beat the estimates by 23 cents, or 35%. Gross margins were much higher, and the company sold a ton of Macs also, which really boosts the bottom line.

Qualcomm (QCOM) also had a solid earnings report last night, although they didn't raise guidance as much as some had hoped. And F5 (FFIV) reported solid results, but expectations were so low that the stock gapped 20% higher this morning.

Other solid reports this morning came from XOM, MMM, AET, BMY, and CAH to name a few.

Asian markets were up nicely overnight. The dollar is up vs. the Yen and Euro. Oil and gold are both trading lower, and the 10-year is stable at 4.65%.

long AAPL, FFIV, XOM