Earnings season

In April and July, earnings season was a catalyst to catapult the market to new highs. Expectations were low, and they were soundly beat. Stocks went higher on the news. Well, the expectations were low this time as well, and most bellwethers beat the numbers. But stocks have not gone up on the news. Since INTC earnings, the market has gone nowhere. The bulls were ready for a good earnings season and had already bought ahead of it. Only the fools were left to buy on the news. The cat is out of the bag. Sure, overall market sentiment is still skeptical about this 7 month rally, but actions speak louder than words. People are still complacent as seen by the put call ratios over the past couple weeks. And I don't know too many diehard bears left standing after a 60% up move in 7 months. Those that are left standing are reluctant to short. The bears still need to be nimble here because the trend is still clearly up in the intermediate term. But now its more of a two sided game, no longer is it going to be straight up moves.