The Market On Friday

At 7:30am futures are up.

After the closing bell on Thursday, Microsoft posted weak quarterly results. Recall that Intel posted better than expected results last week.

We are all wondering how far this latest rally can go, or if it can hold at present levels, or if it will soon retreat.

One of the larger problems looming are foreclosures in the commercial real estate market with both mortgage defaults and property devaluation rampant.

About 4.5 percent of bank commercial real estate loans were 30 or more days delinquent in the second quarter, up from 3.6 percent in the first quarter... source

Banks however are trying to stall the process of foreclosure on commercial real estate. Another economic Armageddon would cause renewed havoc.

The problem is there and its huge, and its simply being pushed into the future in hopes that an economic recovery will clear away defaults.

Reuters: Stock index futures point to higher Wall St open

After Thursday's closing bell, Microsoft shares fell 4.1 percent as the company posted a steeper than expected 17 percent drop in quarterly revenue.