The market took a break today, although the indices pushed

Intel's blowout earnings report last night is certainly making it look as though earnings estimates were revised too low for corporations. And so the overwhelmingly pessimism that drove stocks lower since early May seems to be shifting to optimism that maybe things aren't that bad after all.

Intel's second quarter EPS were $0.51 on revenue of $10.8 billion. Those numbers crushed the analyst expectations. Analysts wanted $0.43 with $10.3 billion in sales. Guidance was also way above expectations. Intel's management expects third quarter revenue of $11.6 billion from $11 billion.

CEO Paul Otellini made sure to let analyst know during the conference call that this quarter was the best quarter in the company's 42 year corporate history.

China TransInfo Technology Corp (Nasdaq:CTFO), ACADIA Pharmaceuticals Inc (Nasdaq:ACAD) and CNinsure Inc (Nasdaq:CISG) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: AEP Industries Inc (Nasdaq:AEPI), SmartHeat Inc (Nasdaq:HEAT), Innodata Isogen Inc (Nasdaq:INOD), Credit Acceptance Corp (Nasdaq:CACC), Shamir Optical Industry Ltd (Nasdaq:SHMR) and First of Long Island Corp (Nasdaq:FLIC).

Shamir Optical Industry Ltd. (Nasdaq:SHMR), ACADIA Pharmaceuticals Inc. (Nasdaq:ACAD) and Union Bankshares Inc. (Nasdaq:UNB) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: China Yuchai International Ltd. (Nasdaq:CYD), CNinsure Inc. (Nasdaq:CISG), China TransInfo Technology Corp. (Nasdaq:CTFO), Brookfield Homes Corp (Nasdaq:BHS), Elron Electronic Industries Ltd. (Nasdaq:ELRN) and China Marine Food Group Ltd. (Nasdaq:CMFO).

China Automotive Systems Inc. (Nasdaq:CAAS), HFF Inc. (Nasdaq:HF) and China TransInfo Technology Corp. (Nasdaq:CTFO) are among the new 52-week highs in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: AEP Industries Inc. (Nasdaq:AEPI), i2 Technologies Inc. (Nasdaq:ITWO), John Bean Technologies Corp. (Nasdaq:JBT), Horsehead Holding Corp. (Nasdaq:ZINC), IEC Electronics Corp. (Nasdaq:IEC) and Crocs Inc. (Nasdaq:CROX).

ADC Telecommunications Inc. (Nasdaq:ADCT), WuXi PharmaTech Cayman Inc. (Nasdaq:WX) and Lydall Inc. (Nasdaq:LDL) are among the biggest percentage gainers in Wednesday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Brigham Exploration Co. (Nasdaq:BEXP), Jazz Pharmaceuticals Inc. (Nasdaq:JAZZ), Internet Initiative Japan Depository Receipt (Nasdaq:IIJI), ArvinMeritor Inc (Nasdaq:ARM), China TransInfo Technology Corp. (Nasdaq:CTFO) and E House China Holdings Ltd. (Nasdaq:EJ).

Stein Mart, Inc. (Nasdaq:SMRT), Bridgepoint Education Inc. (Nasdaq:BPI) and China TransInfo Technology Corp. (Nasdaq:CTFO) are among the biggest percentage gainers in Thursday's trading among companies with market capitalizations under $1 billion.

Also included among the results: Tessera Technologies Inc. (Nasdaq:TSRA), Aristotle Corp. (Nasdaq:ARTL), Kirklands Inc. (Nasdaq:KIRK), Bridgford Foods Corp. (Nasdaq:BRID), CommVault Systems Inc. (Nasdaq:CVLT) and Pep Boys-Manny Moe & Jack (Nasdaq:PBY).

After initially spiking out of the gate on the government’s plan to unfreeze credit markets by directly injecting capital in banks and guaranteeing loans between banks, the Russell 2000 has steadily descended into the red midday, as traders locked in profits from Monday’s goliath rally. Small-cap gainers today included National City Corp. (NYSE:NCC), Aegon China Insurance (NYSE:AEG) and ChinaTransInfo Technology (Nasdaq:DGLY). Other Market Watch highlights today included:

• Treasury markets were falling hard as the safe-haven push dulled amid strong gains in equities.
• The weakest sectors in today's trading are iron & steel and real estate operations/services. Insurance is one of the day's strongest.
• California-based communications equipment maker JDS Uniphase is the day's most active small cap. Shares are down 12.4% to $6.36.
• The dollar is mixed against the euro and the yen midday and gold is off $2 per troy ounce to $839.
• BMO Capital’s Andy Busch told SmallCapInvestor.com that investors shouldn’t “get too excited by the upmove” today. “The Z factor,” or the unknown impact on companies’ sales or earnings, “will cap this rally as will the terrible . . .