Once again, we’re seeing a distinct lack of selling on the news. Despite the strong 5-week rally, good earnings new is being greeeted with, well, more buying, which seems intutitive, but it often works the other way.
This morning the futures were selling off, but following the decent results from Citigroup (C) and GE (GE), the futures have clawed back much of their losses. They’re still slightly down, however.
Meanwhile, Citigroup and GE are higher by 13% and 6% respectively.