Next week there is not a lot of important economic news except the Trade Balance on Thursday (market is expecting a $57.1B deficit, compared with the previous unexpectedly high deficit of $60.3B.).
Most of the S&P 500 earnings have already been reported---according to Reuters, 363 companies of the S&P 500 companies have reported already, and of these, about 2/3 exceeded consensus estimates and 20 percent came up short. In general, earnings seem to be pretty good this season, yielding about a 20% average year/year increase in earnings.
This bodes well for the long-term market uptrend IMHO.
Next week CSCO reports Tuesday after the close, and DELL reports Thursday after the close.
Big surprises there could temporarily move the market significantly, but regardless, the general outline going forward remains and is dictated by much bigger long-term economic forces: the relief rally will end as QQQQ trades above $38, reversal to the downside will resume, and that medium term correction will take QQQQ at least down to the region defined by support from the lower BB rail and the 200 sma. If that support is breached, then QQQQ will move down to test solid chart support at 35, and reversal there would then be very likely.
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