Good Earnings For NYSE Stocks, Not So Much For The Nazz

There were some solid earnings reports last night and this morning, but mostly from companies listed on the NYSE. The companies in the Nazz mostly disappointed, and as such the Nasdaq is really lagging this morning.

Citi (C) reported better than expected results, and the stock is +8% higher as many feared a really bad report after Merrill (MER). Schlumberger (SLB) also reported very solid earnings, and that stock is nicely higher as well. Ditto for IBM.

Google (GOOG) reported earnings that were a little shy of consensus estimates, and the stock is taking it on the chin, -9% currently. Microsoft (MSFT) also reported less than stellar results, and its stocks is off -8%. Those are really weighing on the Nasdaq.

Energy stocks are enjoying a nice bounce on the heels of SLB's earnings and a bounce in oil, after a 3-day drubbing, taking crude prices back above $130. Natural gas is getting a small bounce too, and NG has been hit harder than oil recently.

Asian markets were higher during their sessions, but finished mostly lower by the close of trading. The 10-year yield is roughly flat at 4.03%, after moving back above the 4.0% level in yesterday's session.

Yesterday, I said I would be happy with a flat day, but instead we got a big rally. So a pullback today would not be surprising. But again, we do not want it to get out of hand. I would like to see GOOG moderate its losses into the close, and the same for the overall Nazz.

long GOOG