Below are some of the earnings reports that have come out this morning...

• Ameritrade (AMTD) - beat estimates, bid higher
• CDW Corp (CDWC) - beat estimates, bid higher
• EMC Corp (EMC) - matched estimates
• Ford Motor (F) - beat estimates, raised guidance
• Altria (MO) - beat estimates
• TASER Intl (TASR) - beat estimates, raised guidance, bid higher

As I mentioned yesterday, the earnings news will run rampant over the near-term so I will do my best to hit the big themes. We touched on the earnings from IBM and TXN last night. IBM is getting the most press helped in part by the CEO's comments that it was "one of our strongest third quarters in recent years."

This is helping stock futures as the S&Ps are trading more than three and a half points above fair value. Yesterday morning I noted that the indices were approaching relatively oversold levels. The bounce has allowed the 9-day RSI on the SPX to turn higher.

Gold is quiet this morning, trading up 40 cents to 418. Oil is down which may also being lending a hand to the bid in stocks. Aside from the earning's bonanza, we get a couple of economic reports to watch. At 8:30 a.m. we get the consumer price index report for September and September housing starts.

The major indices shook off early weakness to close up on the day. The COMP dominated the action with a percent move that was twice the gain of the next strongest index. It is also worth noting that all but the DJIA made a higher high than Friday. The VXO dropped by a fairly large amount given that the rally outside the COMP was somewhat muted.

It looks like Texas Instruments (TXN) beat by a nickel on their earnings...

The initial reaction to IBM's earnings is positive, but as we have seen, we will need to see how their comments are digested overnight...