The markets are lower this morning, after hanging in well yesterday. There were more earnings reports this morning that came in okay, but the reaction has been to sell the news. I don't think this is a big negative tell, as most stocks have had big runs ahead of their earnings reports. So some profit taking in here should be expected.

Google reported blowout numbers, and also a nice pickup in paid clicks growth (+14%). That news is being cheered by investors, who are driving the stock up over the $450 level. But companies like IBM and GE also reported solid numbers, topping estimates slightly, but their stocks are being met by selling. IBM's report was solid, and I would look to add on further weakness.

Bank of America (BAC) reported a bigger loss than expected, which is being viewed as a bit of a disappointment relative to JPMorgan, which reported strong results earlier this week. I haven't gone through the earnings release yet, but my sense is that BAC came in about where I expected.

The dollar is bouncing a little today, but that isn't hampering oil and gold too much. Oil prices are still near $77.50, and chatter is heating up about the $80 level. And gold prices are still hovering around the $1050 level, or slightly above it.

Asian markets were mixed overnight; the 10-year yield is lower to 3.41%, after a big, multi-day rise; and the VIX is +2.95% higher this morning to 22.36, still a pretty low level overall.

Trading comment: I know the market has barely pulled back from Wednesday's highs, but the pattern of this market has been to only pullback for 1-2 days before rallying again. As such, I will be looking to do at least some buying today, while still saving some cash for more of a pullback or consolidation down the road.

long BAC, GOOG, IBM