Earnings Reports Starting To Take A Better Tone

The market is off a bit, but nothing major.

IBM's (IBM) earnings were pretty solid, but the poor reports from Merrill Lynch (MER) and Pfizer (PFE) seemed to have dragged things down so far.

Only the energy sector is bucking the early weakness. Go figure. The brokers actually look like they are starting to turn around.

Asian markets were up across the board overnight, and the U.S. dollar is up vs. the Japanese yen for a second day.

The put/call ratio opened at an elevated 0.93. The 10-year yield is steady at 3.69% after a big pop yesterday. I don't mind a little spike in the 10-year yield, as I think it reflects stronger economic growth and lessens the recession case.

Let's see if the bulls can color the tape for a second day.