The Yo-Yo wars continue....Earnings trump Bernanake..

Yesterday's late day Bernanke swoon didn't carry over in the European markets last night as good earnings continued to bouy the pre-markets.

The upside headliners included AT&T (T) and big names out of the health care sector -- Baxter (BAX), Bristol-Myers (BMY), and Eli Lilly (LLY).

Reporting companies noted that while they remain cautious about the global economic recovery, they are encouraged about improving end-market conditions. The net result: raised earnings and revenue forecasts.

CAT (CAT), UPS (UPS) and 3M (MMM) all bested and upped the ante for the full year. The upside assisted by margin gains on a more rational pricing environment and volume. The questions looking ahead surround currency headwinds, European outlook, and pricing.

Tech sector earnings continue on a positive swing, although software remains quite weak. Semis and wireless were strong and eBay's (EBAY) performance is being viewed positively on decent core organic growth.