Some strong earnings reports were all the market needed to set off a robust rally this morning. At midday, the S&P/TSX index is up 201 points to 6,180.

Volume is strong at 95 million shares, with buying volume ahead of the selling volume by an overwhelming margin of about 38:8. Market breadth is also decidedly bullish, with winners outnumbering losers two to one.

Every sector is up, apart from golds, which are down almost 3% as traders rotate out of them and into everything else.

The strength appears to be primarily due to strong earnings from several big U.S. companies. One of the most notable names leading the way is financial giant Citigroup Inc. Financials, up 4.5% so far, are leading the way. Techs have gained 8% and there is lots of buying activity in health care stocks, consumer products, industrials, diversifieds and telecoms.

The strong earnings at Citigroup has bank buyers out in force today. Bank of Montreal is up 3.8% on more than 2.5 million shares. The activity is joined by a rally in Royal Bank shares. TD Bank, CIBC and Manulife are all up about 6%. Scotia and Sun Life are also up on larger volumes. AGF is up 8% and leading the fund companies higher.

Apart from the banks, the techs are jumping as well, although they don’t have the impact on the index they once did. Nortel Networks is up 20% on 11.5 million shares, but the gain only takes it to 90¢. Nevertheless, there is also positive activity in names such as Zarlink Semi, who is up 27% and Research in Motion, which has gained 13%. As well, ATI and Royal Group Technologies are seeing gains.

Other gainers today include Ensign Resources, Cinram, Talisman, Aur Resources and Bombardier, which is up 8%.

The golds, however, are generally the victims of this big bullish move. Barrick is down 3.5%. Placer Dome is off 5.3% and there is a big selloff going on in Newmont Mining, Kinross, Goldcorp and Agnico Eagle.

In New York, the rally is also flourishing. The Dow Jones industrial average has added 278 points to sit at 8,156. The S&P 500 has tacked on 30 points to rest at 872 and the Nasdaq has gained 50 points to reach 1,270 at midday.

Even the small caps can’t help but avoid the rally. Despite the pain being felt by the golds, The S&P/TSX Venture index is up two points on the day to 908 and volume is strong at more than 15 million shares. Maxy Oil & Gas is the top trader, sitting flat at 21¢ on more than 3 million shares traded.