A favorable start to the bank sector results should help stocks overcome global growth fears, at least for today.

The market is expecting today's July new home sales report to show a +5.4% increase to 428,000.

June E-mini S&Ps (ESM14 +0.03%) this morning are up +0.05% at a new all-time high and European stocks are up +0.25% at a 5-1/2 year high after manufacturing activity in China last month expanded at the fastest pace in 5 months.

Microchip Technology Inc said it would buy Taiwanese wireless products maker ISSC Technologies Corp to gain ground in a technology that helps connect everything from cars to light bulbs through the Internet.

The average large cap score is 61.28, below the four week moving average of 64.18. The average large cap is trading -9.6% below its 52 week high, 4.52% above its 200 dma, has 3.94 days to cover held short, and is expected to generate EPS growth of 14% next year.

The average large cap score is 58.41, below the four week moving average score of 65.67. The average large cap is trading -10.26% below its 52 week high, 4.07% above its 200 dma, has 3.42 days to cover held short and is expected to post EPS growth of 13.87% next year.