Earnings Beats Striking an Odd Cord

AMZN SBUX V are surging this morning, while AAL SWKS are fading to red as I write this after all five issues were up impressively last evening after earnings. Beyond that, BIIB, the major biotechnology title, is gapping down hard from what had been a suspect consolidation for months. 

The impressive earnings beats and rallies in AMZN SBUX V may be enough to hold the Nasdaq slightly in the green, but are not enough to rally the lagging small caps, at the time of this writing. 

In essence, the market remains unable to break free from its range despite a slew of massive earnings beats and rallies in leading issues, smacking of quizzical indecision in that the Generals of the market are trying to lead the Army, but the soldiers are still back at encampment and not quite ready for battle. 

The downside reversal in AAL is of particular interest to me, since airlines may be ripe to short again after recent bounces. Transports remain a glaring divergence, overall, and if AAL holds red I suspect other majors will begin to buckle a bit--We called out HA for a quick short trade inside Market Chess Subscription Services yesterday, for example.