Investors are shrugging off the lackluster earning report from Alcoa and the decidedly negative one out of AMD to turn bullish this morning. Right now, investors are trying to figure out the balancing act of how to digest earnings against the backdrop of a possible renewed downturn in the economy. Sign Up For Free Stock Alerts

A current snapshot of the futures has the Dow up 43, the Nasdaq 8 and the S&P 500 just over 3 points.

The European saga of bailouts and more bailouts continued this morning as the EU agreed to to loosen Spain’s deficit targets and to provide the first tranche of of money to the country’s ailing financial sector. THis helped send the 10-year yield of Spanish bonds sharply lower.

Domestically the data calendar remains light. Earnings season is in full swing again so most of the headlines will emerge out of that. Some analysts are expecting a tricky month for investors. This is due to the lowered expectations and forecasts put forward last season. The question remains, was the bar lowered enough?

Commodities are a mixed bag this morning with oil slipping lower and gold higher. Nymex futures are down 41 cents to $85.62 per barrel. Gold futures are modestly higher, up just ovr $5 per ounce. The metal is closing back in on the $1600 level. [Read more...]