I think the market has discounted a lot of the bad second-quarter chatter we're going to hear, and my guess is that conference calls going forward are going to be much more positive,

I don't think there were a ton of bets placed during this particular quarter, but it does cause some wacky moves,

I think the fact that we had this awful bombing ... and yet the market seems to be moving on, that it's starting to become sort of priced into the marketplace. We may get investors to get back in off the sidelines at some juncture as we start to get earnings reports for the quarter.

hasn't been baked into the market yet.

This may be a very volatile trading session. The market wants good numbers, but an exceedingly good report may lead to further rates increases, and that's not good for stocks. On the other hand, a bad report on top of disappointing earnings, could spark another sell-off.

The markets are hanging on nicely, considering the massive gains yesterday, ... Clearly, if the market can hold onto its gains from yesterday, and through the weak durable goods report today, the path of least resistance is upside.