Posted April 29. 2012 17:36

The biggest earnings story this week was the release of Apple’s earnings. Apple reported $12.30 per share on revenue of around $40 billion. As I said in my previous blog, there was no way that Apple was going to report earnings that were 40% worse then their last quarter (the EPS estimate was $10 and Apple reported for Q4 $13.50 per share). Apple skyrocketed over 8% after their earnings release and removed all the skepticism on Wall Street about whether or not they could report blockbuster numbers, which they did.

Another major earnings story was Amazon. Amazon reported $0.28 per share that surpassed the consensus view of $0.07 per share. Amazon jumped over 15% on the news.

After all of the great earnings news that has come out of the technology sector this week, it the market ready to get out of its recent correction and deliver may gains or will the theme be sell in may and go away? With all the worries about Greece, Spain, and the French elections the market might receive a little bit of selling pressure before resuming its way upward.