Apple ($AAPL) reported exceptionally strong earnings  Tuesday, but the market was unable to build on that momentum. In fact, Apple did nothing after its initial gap up, and a number of other stocks performed poorly following their reports.

Overall, breadth was slightly negative, but a bounce in financials, notably from Goldman Sachs ($GS) , helped contain the damage.

The most notable characteristic of today's action was that it was very slow and there wasn't any excitement over earnings. Many stocks drifted around and there was some ugly action in technology names.

F5 is under pressure as it confirmed what Riverbed said yesterday about Europe being slow. Qualcomm ($QCOM) is also down on an OK report.

Intel ($INTC) results were OK but the stock is down.

We have a "sell the news" theme as earnings roll out.
We are very likely to see some news out of Europe overnight, so there are plenty of potential landmines to navigate.