Sedentary

Accustomed to sit or rest a great deal or to take little exercise.

Great session thus far with technology and consumer discretionary names leading the way.  For the latter, and the market in general, the big winner is Netflix, which posted amazing numbers and offered robust guidance.  The stock is also the ultimate proxy for a world that’s put everything in chill mode as we sit around playing with our gadgets and binge-watching TV.

Technical View

Dow Jones is breaking out from a cup and handle formation while crossing the 50-day moving average = huge buy signal.

Economy Check-Up

Very powerful number on housing starts and permits, which continue to seesaw back and forth, but with an upside bias that has the level above decade old levels.

At midday, advancers are crushing decliners 3 -1, or 2144/732, on the NYSE and 2-1, or 1779/822, on the Nasdaq. Volume is still a bit anemic and the VXX, or feared index, is at a 5-week low of 15.50.

After the bell, Big Blue (IBM) and CSX are among the companies reporting quarterly financial results. I know the street wants to like IBM again, and the bar is low, but I'm worried about the results.