The Dow is getting boost from positive reaction to JPM +4% and INTC +1.5% earnings reports while IBM ??“2.5% slips.  YHOO ??“11% is weighing on the NASDQ after disappointing results, but some of that weakness is being offset by momentum in the semis.  Intel and LLTC are rallying which is pushing the SOX Index towards 1-month highs.  SMH +3% MXIM +6.8% NSM +6.5% AMD +3.2%  The energy complex has been a laggard from the open after Citigroup cut select oil service names.  OIH ??“1% SLB ??“2% SII ??“2.6%  May crude futures are holding in the middle of today??™s range, down marginally to $62.95 after weekly EIA data.  RIMM has reversed from a lower open on news of Blackberry service disruption to trade up close to 1%.  US Treasury futures have been strong with yields moving lower in tandem with strength in European government bond futures.  The 10-year is now nearing 4.65% while the 2-year yields 4.634%.  It is worth noting that Japanese government bonds came under some pressure as market chatter picked up about a possible rate hike ahead of elections.  Narrowing yield differentials led to some weakness in the USD/JPY, which approached 118 briefly.  Cable hit a fresh 26-year high overnight after UK Feb average earnings data.   While the Dollar has recouped some of its losses Cable holds above 2.