Before the Open (Jan 22)

Good morning. Happy Tuesday. Hope you had a great weekend and enjoyed your extra day off.
The Asian/Pacific markets closed mixed. China, India and Indonesia led to the downside; South Korea and Taiwan led to the upside. Europe is trading mostly down. Greece is up 1%, but Austria, France, Germany, Norway, the Czech Republic are down. Futures here in the States are flat.

The dollar is down. Oil and copper are flat. Gold is flat, silver is down.
Other than all the new earnings reports out today, I don’t have anything to add to the report posted over the weekend. The trend on all time frames is up, but several semi reliable indicators have been completely ignored lately. This gets my attention. It’s one thing for the market to ignore one or two indicators. It’s entirely different to ignore “all of them.” Something is up; something is going on behind the scenes. When things stops working or making sense, pay close attention.
Ameritrade (AMTD) posted lower earnings but a new assets record. The stock is up 1.5% premarket.
Johnson & Johnson (JNJ) missed on revenue but beat on earnings. The stock is down about 1%.
Verizon (VZ) posted it biggest revenue quarter in company history but missed on earnings. The stock is down 2%.
Travelers (TRV) saw its profit cut in half because of a big jump in catastrophe losses. The stock is up almost 3%.
Dupont (DD) did well with earnings…the stock is up 1.2% before the open.
SeaCube (BOX) is up 13%.
Delta Airlines (DAL) saw a sharp drop in their Q4 earnings due to higher fuel costs, but it forecast a 4-6% increase in revenue in Q1. The stock is flat.
Packaging Corp of America (PKG) Q4 earnings rose 54%, but it warned it expects to see higher operational costs in Q1. The stock has not traded premarket.
Research in Motion (RIMM) is up better than 6%.
Freeport-McMoRan (FCX) beat expectations. The stock is up 1.5%.
Hot Topic’s (HOTT) CFO is resigning.
After today’s close, AMD, CREE, GOOG, IBM, ISRG, NSC and TXN report, among others.
The World Economic Forum begins its 5-day gathering of executives, policymakers and academics in Davos this week.
There’s a growing consensus that it’s clear sailing ahead. In fact more and more analysts believe the “new normal” which began as the financial crisis unfolded is over and the “old normal” is back. We’ll see. There’s a disconnect between Wall St. and Main St., and when so many line up on one side, sit up and pay close attention. More after the open.