On the earnings front, a large batch of companies topped estimates once again, including Broadcom (BRCM), Boeing (BA), Comcast (CMCSA), Las Vegas Sands (LVS), Aflac (AFL), and more.
Asian markets were up sharply overnight. Japan spiked +2.7% and China rose +2.3%. But the enthusaism lost momentum by the time the opening bell rang in the U.S.
The 10-year yield is flat at 3.04%. On the chart, it looks like this Note put in a double-bottom at 2.90% and is close to breaking its recent downtrend. A move higher in yields would probably reflect better sentiment about the economy, so I won't be upset to see a little lift in yields.
The dollar is roughly flat so far, as are gold prices near $1158. Oil prices are lower near $76.85. The volatility index is +3% higher to the 24 level.
Trading comment: The chart below shows how overbought the market has become. This is a relatively short-term gauge, and simply means that the market could be poised for a pause in the short-term. I think that is a likely outcome, and have held off of new buys until we do pull back a little. The SPX 1115 resistance, right at the 200-day average, is still in effect also. And many leading stocks that have spiked higher look very extended, and also need to consolidate to present better entry points.
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