Overnight trading has been relatively quiet with traders unwilling to commit to new positions ahead of a 3-4 day weekend (depending on where you are). Disappointing results from Google and IBM have cooled some of the enthusiasm of the last two days, keeping indices well anchored within their current trading ranges. Other markets have also been holding steady with gold hanging around $1,300 and WTI crude oil near $104.00. Currency markets have been steady for the most part with two significant exceptions. CAD has rebounded from yesterday’s selloff as higher than expected Canadian inflation has shifted expectations back toward firmly neutral from the neutral-dovish reaction to yesterday’s Bank of Canada statement. AUD has been underperforming moderately following a weak Australian business confidence report. It has been a very busy day for earnings reports with two days of numbers getting crammed into one due to the holiday tomorrow. In addition to Google and IBM, DuPont and Mattel also fell short of expectations, while SanDisk, GE and brokerages beat the street. Although broader markets appear quiet, we could see significant action in individual shares today off of these reports. Corporate News Google $6.27 vs street $6.35, revenues $12.19B vs street $12.23 IBM $2.54 as expected, guides full year to at least $18.00 vs street $17.85, sales $22.4B vs street $22.9B SanDisk $1.44 vs street $1.25 General Electric $0.33 vs street $0.32 Honeywell $1.28 vs street $1.26 Goldman Sachs $4.02 vs street $3.49 Morgan Stanley $0.68 vs street $0.61 American Express $1.33 vs street $1.30 Pepsico $0.83 vs street $0.75 DuPont $1.58 vs street $1.59 Mattel ($0.03) vs street $0.07 Economic News Economic reports released overnight and this morning include: Canada consumer prices 1.5% vs street 1.4% vs previous 1.1% US jobless claims 304K vs street 315K Singapore electronic exports (16.1%) vs street (4.5%) NZ consumer confidence 133.5 vs previous 132.0 Australia business confidence 6 vs previous 8 Japan consumer confidence 37.5 vs street 37.7 Germany producer prices (0.9%) vs street (0.7%) Economic reports due later today include: 10:00 am EDT US Philadelphia Fed street 10.0 10:30 am EDT US natural gas storage street 34 BCF