Jobless claims were released at 8:30 a.m. and showed a larger than expected drop. This has helped stock futures while dampening gold and bonds. S&P's are now trading slightly above fair value. Gold has given up its gains and is back at 424...

Regarding my opening post below...

As I dig into the stocks listed below as "being up sharply", I am becoming more and more suspicious that my data provider is not showing the correct data...

I know you are going to find this hard to believe but I just saw a report that says analysts are optimistic on MSFT...

Sorry for the mocking tone but according to Zacks, 22 of the 24 analysts already rank the stock with a "buy" rating.

We start the day with futures rallying off their 7:00 AM lows, but still in negative territory. The S&Ps are trading a point lower. Fair value would have them trading up almost two, which means they are three points below fair value.

Gold is up more than two points and trading at 427. This puts it above its peak from earlier this month and at its highest level since April. It will be interesting to see if gold stocks follow the metal's lead at the open. The AMEX Gold Bugs Index (HUI) peaked earlier this month just shy of 240. It finished yesterday's session 10 points below that level.

The news front is dominated by the outburst of earnings. There are so many reports floating around that themes are hard to develop. Everyone seems to be focusing on different points. My screen shows a number of stocks bid up sharply at this early hour. These stocks include - EBAY, CTXS, ALTR, BRCM, YHOO, CHIR, XLNX, ASKJ, RSAS.

However, the gains are so sharp that I am somewhat skeptical that the indications will hold. I could be wrong on this and we will get a better idea as we move closer to the open. If these gains do hold into the open, the semis and the COMP should be fairly strong today. I will update this as the morning progresses

The bulls and bears ended the session gridlocked - details below. The earnings barrage is in full force. EBAY reported but the reaction is all over the board. AMGN also reported and the initial reaction appears to be lower. Given the number of reports and the potential for whipsaw reactions as comments are made, I think it is best to let things settle out for the night and see what emerges in the morning as the big themes and highlights...