9:00am (EST)

The bears showed up early on Tuesday as futures were pointing towards a lower open after some discouraging housing news but the bulls shrugged it off as they battled back to push the market into positive territory by the closing bell.

The Dow added 5 points to finish at 11,169 after touching a low of 11,087 earlier in the session.  The high was 11,184 as we wait for a push above 11,200 to confirm more upside momentum for the bulls.  Although the market didn’t get a late-day surge, the index still managed to close at its highest level since late April.

The S&P 500 was essentially flat but squeezed out the smallest of gains (0.02 points) to settle at 1,185.  The index traded to a low of 1,177 which is just above the first wave of support at 1,170-1,175.  We are still looking for a pop to over 1,200 but if 1,170 is busted, we could test 1,150 again.

The Nasdaq bucked the trend and spent most of the day in positive territory.  The index added 6 points and finished at 2,497 after challenging the psychologically significant 2,500 level.  Tech traded to a high of 2,503 and the 52-week high is 2,535.  We still think Tech has legs to make a run at 2,600 by year-end.

There were a couple of solid earnings beats after the bell last night that are worth mentioning.

Broadcom (BRCM, $37.22, down $0.29) crushed Wall Street’s estimates after saying its quarterly profits soared thanks in part to strong sales of its chips for smartphones.  Revenue surged over 40% to $1.8 billion from $1.3 billion last year, beating projections of $1.75 billion.

The company reported a profit of $327 million, or $0.60 a share, versus $85 million, or $0.16 a share, in the year earlier period.  For the current quarter, Broadcom expects revenue of $1.8-$1.9 billion, ahead of current estimates for $1.75 billion.

The stock was up over 11%, to $41.50 in after-hours trading last night and should easily take out its 52-week high of $38.47 at the open.  Shares are at $40-ish as we head to press in pre-market action.

F5 Networks (FFIV, $102.54, up $1.71) has also been on a roll and we had a good feeling they would come in with great numbers.  The stock has been in a nice uptrend since July when shares were at $70 and the momentum has been strong.

The company also reported better-than-expected numbers as profits checked in at $64 million, or $0.79 a share, compared to $40 million, or $0.50 a share, in the year-ago period.  Revenue came in at $254 million, versus last year’s quarter of $175 million.  The suit-and-ties had factored in earnings of $0.71 a share on revenue of $248 million. 

F5 also raised its current quarter outlook saying it sees earnings of $0.80-$0.82 a share on revenue of $265-$270 million.  Analysts had $0.73 a share on revenue of $260 million on the board.

If that weren’t enough, the company also announced that its board has approved a $200 million stock repurchase program.

Shares of F5 are trading at $113 in early action.

We have a lot to cover in our Members Area this morning, including a possible NEW TRADE that we may release shortly after the open.  Subscribers, check for the updates.