JPMorgan, Intel Do What J&J Couldn't: Today's Outrage

NEW YORK (TheStreet) -- If the market got to pick its starting lineup for earnings season, JPMorgan(JPM Quote) and Intel(INTC Quote) would have been out before Johnson & Johnson(JNJ Quote).

With better-than-expectedthird-quarter profit of $3.6 billion, or 82 cents a share, JPMorgan just keeps printing money, especially with its investment banking business.

There's a U.S. market rally in those numbers alone. But wait, there's more.

Overnight Intel also offered up better-than expected earnings of $1.9 billion, or 33 cents a share, and is being cited around the globe for pushing up stocks in other world markets. Sure, profit actually fell, but Intel was smart enough to offer an upbeat outlook.

Forget about the hesitation in U.S. markets yesterday, courtesy of J&J's lackluster earnings.

The bulls will be back in force today and the bears will be running for cover. This market just wants to rise. Dow 10K is on the horizon and everyone is determined to get there, this week if they can.

Sure, the markets are out in front of the economic recovery, but there's no reason the consumer won't catch up eventually. If market enthusiasm translates into corporate optimism, we may see more hiring too.

I keep hearing from folks in the market that I have worried unnecessarily about the market going too high, too fast and that I needn't fear a correction caused by some future realization that the economy isn't keeping up with investors.