Our Savior?

Hewlett Packard (HPQ) is trading up to the 50 day moving average in the pre-market and a lot of hope has been pinned on this stock to help turn the market around. My bet is that the earnings from this one company just aren’t important enough to turn the market higher. Also, will the good news be sold into? Look at how extended the stock is on the weekly timeframe, it looks dangerous to me. Maybe the market does turn and HPQ is the catalyst, but it doesnt seem likely to motivate more than a bounce in a downtrending market.