Nice Rally After Intel – Market Back Above Resistance – Keep Your Size Small!

Yesterday, the market staged a small rally after Goldman Sachs beat earnings estimates by a large margin. They had record revenues and while the results were impressive, most traders know that this company is in a league of its own. Other earnings from Novellus, CSX and Johnson & Johnson were “soft”. After the close, Intel knocked the cover off the ball beating estimates by a large margin. They also provided encouraging guidance. This sparked a 10 point S&P rally after the close and the table was set for a higher open. European and Asian markets rallied on the news. Tech stocks …

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