Fractional moves with all the major indices is more about consolidation than anxiety and it’s a good thing coming on the end of a great week.

It’s kind of a ho-hum session with the market digesting a run that’s seen the NASDAQ rally ten sessions in a row coming into today.  I like what I’m seeing from many key earnings reports – remember to focus on the news not the knee jerk or overthought reactions of those ivory tower folks.   I mentioned Visa and Kansas City Southern this morning, two others that speak to the economy include Cintas and Capital One.

CTAS

• Legacy Business Revenue +8.0%
• Legacy Gross Margin 44.9 from 43.9
• Legacy Operating Margin 16.3 from 14.5

COF

• Commercial lending +1.1 billion or 1% to $74.5 billion
• Auto loans +2.1 billion or 4% to $50.8 billion
• Credit Loss Provision -10% to $1.8 billion

As for the board market, it would be impressive if we saw a last-hour rally, but it’s unlikely.  That said, I’m sifting through earnings and reactions this weekend (it’s a never-ending job these days) for opportunities that may not pop immediately but are clearly the result of snap Wall Street reactions.

Next week is another huge week for earnings as well.

Today

For the moment, the best performing sector is utilities, one of two sectors higher going into the final hours of trading (financials the other).  There is some profit-taking and rotating into the safety of utilities.  Its fine the big boys are reloading…you should be doing the same.

Want to give shout out to my friend Anthony Scaramucci on his new job, and say to everyone else, have a great weekend.