9:25am (EST) Futures are pointing towards a higher open this morning after stellar earnings results from two Internet giants.  This just in…Microsoft (MSFT, $26.59) reported earnings of $0.40 a share, 8 cents better than Wall Street’s estimate of $0.32 a share.  Revenue for the quarter was $12.9 billion, which compares to estimates of $12.3 billion.  The company beat the Street’s estimates on both sides of the ball and the revenue numbers were a huge surprise.  The stock is currently up $2.13, or 8%, to $28.72 before the bell.   Amazon.com (AMZN, $93.45) is up 17%, or $15.83, in early morning trading to $109.28 after reporting earnings last night after the bell.  The company reported $0.45 a share, which was 12 cents better than estimates of $0.33 a share.  Revenue came in just shy of $5.5 billion, versus estimates of $5 billion.  Amazon also raised next quarter’s sales guidance to $8.125 – $9.125 billion, versus the Street’s number of $8.11 billion. As far as economic news, Existing Home Sales come out at 10am.  The Street sees an increase of 5.35 million units.  If buyers are taking advantage of much lower home prices then we could get an extended rally here.  If inventories are on the rise then it shows buyers still have an edge over sellers for the foreseeable future. As we head to press, Dow futures are up 22 points, S&P 500 futures are up 4 while the Nasdaq 100 futures are up 13.  It remains to see what direction we take after the first 30 minutes of trading but it appears the bulls are ready to end the week with a bang. Subscribers can check the Members Area for our current trades updates.]]>