7:00 AM CT
MBA Mortgage Index for 1/18 Prior 11.9%
Overnight the Asian markets closed higher, European markets opened higher but have since traded into negative territory. Today traders won't have any more new economic data to look at than they did yesterday, so the focus will stay on the fourth quarter earnings reports of big US companies. We'll be seeing the numbers for Netflix, eBay, Sandisk and F5 Networks today. Trade strong.
Earnings reports out yesterday were mostly better than expected but they weren't strong enough push the markets much higher. The S&P started the day in positive territory and seemed poised to hit new highs early. But alas, the market couldn't breach the 1850 level and that brought the sellers into the market. Throughout the day the selling pressure abated and the S&P contract managed to settle up 0.3%, as the Nasdaq added 0.7% and the Dow Jones Industrial Average shed 0.3%.