Texan Weighs On The Semi Index

The good news surrounding earnings reports could not continue at last week's pace. Last night, Texas Instruments (TXN) issued a disappointing outlook and its stock sank. Today, that news is weighing on the semis, which are down -2.7%.

Other earnings reports whose stocks are trading lower today include UnitedHealth (UNH), DuPont (DD), Coach (COH), and McDonald's (MCD).

There is also a new IPO in the ag field today. Intrepid Potash (IPI) went public today at $32, and is now up +50%. I have never seen sentiment this bullish in the ag space in my lifetime.

Asian markets were mixed overnight; the 10-year yield is higher at 3.72%; oil is higher, above $118 as the dollar is lower today; and the ARMS Index and put/call ratios are low for a change. Hopefully this won't mean that sellers get the upper hand today.