Following Friday's earnings snub, bulls are back on board on lighter trade and mixed, secondary reports of influence. As of 11:00 ET the SP-500 (SPY) is up 0.84% and shedding a few "early bears" obviously on the wrong scent from Friday's latest apparent pullback opportunity.

It's a generally light but uneventful Monday but bulls are attempting to put their best foot forward following a dreaded week of inconsolable losses with blinders honing in on the positive catalysts being offered.

On the earnings front, LCD glass goliath Corning (GLW) is tacking on 1.25% near 15.85 after posting stronger-than-expected revenues as demand for end product computers and flat screen TVs are finding a consumer willing to consume above Street views.

Separately, RadioShack (RSH) is up a bit more than 14% near 17.85. The retail electronics outfit missed views by a penny with profits of $0.30 per share, but also managed to beat sales forecasts, albeit at a much lower clip than the year-ago period.

Leadership from oil and gas giant Schlumberger (SLB) is also helping motivate market bulls in Monday's first half. Today's bullish pin action and relative strength leadership of about 2.50% to 66.80 in shares of SLB comes from analysts at Credit Suisse. The banker raised estimates and its price target on shares after performing additional homework over the weekend and following Friday's earnings-related drilling of nearly 5%.

Elsewhere and not hurting matters, Barron's saw fit to boost the prospects of several small, mid and "slightly large" cap tech (FFIV, BMC, JNPR, CVLT, PAR and NTAP) names under the auspice of being attractive takeover targets to much larger tech shops in search of growth. Spearheading the "buy, buy, buy!" side for investors is Riverbed (RVBD).

Riverbed has received additional support as analysts from Piper piped in with a raise to "Overweight" from "Neutral." The upward revision follows Riverbed's profit beat on Friday but apparent investor unrest as shares tumbled nearly 10.50% from a well-shaped handle within a weekly cup base to close slightly below the coveted 50-SMA.

Intraday and with shares of RVBD up 6.50% near 22.55 and just above the highs of the apparently not-so-bearish candle from Friday, option traders are also focused on better prospects ahead or maybe a serving or two of actual "takeover chowder."

Most active intraday, the ATM and OTM November 22.50 and 25 calls have each traded several hundred contracts on theoretically attractive post "vol crush" pricing, but theta sensitive premium.

A couple option strategists have also been spied going out to January in locating their directional inspiration. Without doing all the required homework, one bull looks to have purchased 500 January 25 calls. But with premiums cheap, the protective OTM January put trading a bit more than 1000 contracts and nearly even money with the call; a bullish-minded trader may have established a collar or risk reversal strategy in RVBD.

In passing and removed from the still roaming bull at large, Dow component and telecom giant Verizon (VZ), as well as one of the market's Rodney Dangerfield's within the historic rally, is still finding little respect. Shares are up about 0.50% despite beating this morning by $0.19 with profits of $0.60 per share. Apparently axing restructuring costs and other items are being noticed by bulls.

Separately and for a few bears, banking analyst Dick Bove and "sometimes instrumental market mover" downgraded both SunTrust (^STI) and Fifth Third (FITB) to "Sell" this morning. Shares of STI are off by about 6%, while FITB is off nearly 8% but worthy of just a mere lagging and mostly flat price performance in the Financial SPYder (XLF) as the broader market chugs away happily higher...well, almost.

Finally and entering the lunchtime nosh, "complacent volatility" coined last week by this market strategist is back at it again and with a vengeance. In the span of  about fifteen minutes, 1.50% has been nipped from the market and the broader averages now firmly underwater on the session as a result. Unsubstantiated buzz of the S&P agency downgrading key banks appears to be one likely culprit.

A second candidate for finger pointing could be that pressured "Redback" (UUP) currency that's been so generous to multinational bulls the past several months. On the heels of further early weakness and a pre-market guest segment on CNBC with economist Nouriel Roubini a.k.a. Dr. Doom, which discussed the pressured Greenback being a threat down the road, but for now, "it is what it is" musings; a swift intraday reversal to the upside may have found the start of a new "what it is" reality. Intraday, UUP is up an unimpressive-sounding 0.22% at 22.48, but given the leverage of currency futures; certainly a news-worthy move for "mooving" bulls into motion.

Chris Tyler
Senior Staff Writer & Options Strategist
Optionetics.com ~ Your Options Education Site
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The information offered here is based upon Christopher Tyler's observations and strictly intended for educational purposes only, the use of which is the responsibility of the individual.