Earnings did not disappoint. I was bracing for strong numbers and still Intel's numbers impressed me. However, the way stocks react to the news is more important than the news itself. Thus far the futures are sagging in reaction to the blowout earnings. I was expecting the news to be sold but not this quickly.
It was almost six months ago that Intel positively surprised and the market took off on what was one of the most powerful rallies I had ever seen. At the time there were many doubters, shorts and under invested market participants. Six months later we are seeing off the charts bullishness, with the number of bears at levels not seen in decades.