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Again, the market rallied even as Google, Bank America earnings disappointed. Several key economic reports this past week, CPI, PPI, Manufacturing Survey, Consumer Sentiment all managed to be positive and offset the negative earnings news. The upcoming week will be light on economic reports, with housing reports and Philly Fed, market is closed for Good Friday/Easter weekend. The real news for next week will be the earnings calendar with more than 20% of the S&P500 reporting.Companies already disappointing include JP Morgan, Bank America, Google, and Alcoa. Next week is heavy in tech and financial earnings and those are the two biggest market sectors. this past Friday was not only April 15th Tax deadline, it was option expiration week and the normal period of volatility ahead of expiration is either the Friday of the preceding week or the Mon/Tue of expiration week. It just happens to be exactly when the market was weak. There is a historical trend for the market to be weak on the week before tax day.
Bottom line, the two fundamental movers for the weeks ahead will be oil & earnings.
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