The market still seems to be heading south, but there’s some hope for the future.  Some stalwarts like GOOG and BAC disappointed last week, but with INTC and VMW surprising, we may see techs bounce back sooner rather than later.  A bunch of other big techs will be releasing their earnings soon, including a little company named Apple, so we’ll see how what the feeling is heading into the summer.  Keep a close eye on the top of your watch list since the recent pullback made some enticing entry points on these earnings surprise breakouts.

A strong price move with decent volume is bullish, but it definitely wasn’t breakout level volume.  MSFT announced a weak quarter after the close though, so what the techs do tomorrow will be telling.  MSFT is currently down almost 7% in the afterhours, and other techs are down in sympathy too.  INTC is down a couple percent right now, even though they just had a breakout on a great earnings call a couple weeks ago.  Expect the chances of a follow through day tomorrow to be a bit less than normal given the circumstances.

Intel lowered expectations a second time and the market met some resistance finally.  We’re still on an uptrend for now though, so technically this was just a correction on the shorter term scale.  In other news, the porn moguls of Hustler and Girls Gone Wild, Larry Flynt and Joe Francis, are asking for a piece of the bailout now too.  While mainly a publicity stunt, it actually doesn’t seem so farfetched when you look at the way congress has been handing out money lately.  Hopefully the publicity is making people think about the bailouts again, and what reasons the auto industry gave that the porn industry couldn’t give.

Financials were blamed for another brutal day in the market, even as the stalwart JNJ had good things to say.  INTC and JAVA both had good news after the market closed, so if that’s not enough to at least get the techs bouncing tomorrow I don’t know what is.  The volume on the bounce will be very important though.