IBM and AAPL reported yesterday after the market close.

AAPL reported fiscal Q4 revenue of $20.34B vs. estimates of $18.9B and EPS of $4.64 vs. expectations of $4.08. The company however did not sell as many iPad's as analysts predicted and its margins and guidance disappointed. AAPL is down $15.83 or 5% to $302.17 in pre-market trading.

IBM reported Q3 EPS of $2.82/share vs. $2.75 expected on revenue of $24.3B vs. $24.1B expected. The outsourcing business did not perform as well as expected, but the company did raise its earnings forecast for the rest of the year. IBM is down $4.84 to $137.88 pre-market.

BAC reported this morning before the open. The banking giant lost $7.65B or $0.77/share in the 3Q due to a charge related to credit and debit card reform legislation passed over the summer. Excluding the one-time charge, BAC earned $3.1B or $0.27/share vs. $0.16 expected. A lower provision (see JPM and C earnings) was a main driver of the beat, coming in at a $5.4B addition vs. $11.71B in 3Q09. Credit improved as NCOs were $2.4B lower than 2Q10. Capital levels also improved and TBV moved to $12.91.

GS will also report earnings this morning.

Futures are down with the Dow posting a 31 pt drop, Nasdaq down 24, and the S&P down 6. There is no POMO scheduled for today, but there is one tomorrow. Timothy Geithner said yesterday that the US would not pursue a weak dollar position and said we must work hard to ensure the strength of the USD. Shorts are covering and the dollar is up for the 3rd session in a row. This is also particularly bad for technology companies, so we could be in for a sizable sell-off today unless Goldman's numbers are really impressive.

On the economic front, we will have housing start and building permit reports today.

UPDATE: GS beat on both the top and bottom line as reported revenue came in at $8.9B vs. $7.9B expected ($12.37B in 3Q09) and EPS of $2.98/share beat the $2.32 expected and $5.25 for 3Q09. TBV increased about 3% to $116.23.

The futures are showing no improvement based on GS' earnings just yet...The weaker dollar, Geithner's comments, disappointing AAPL guidance, and the IMF warning of potential bubbles and slowing growth in East Asia seem to be enough for the market to take a breather this morning. We could firm up going into the close however, as another POMO is scheduled for Wednesday and earnings after the bell should look ok.