We're still going to get some stray previews. I am much more confident the disappointments will be punished than good earnings will be rewarded.
I'm going to be especially interested if the stock can sustain any upside moves behind the earnings report that is expected to be very good.
There's a possibility that we may have a very volatile market a very choppy market over the next few weeks. The evidence is growing that the rally (of late April) was just an oversold bounce.
The stocks I would watch would be the wireless companies like Qualcomm and Motorola.
Perhaps it's a function of the fears that (Fed Chief Alan) Greenspan has already gone too far (with interest-rate hikes) and the worst news is yet to come.
It's all related, I think, to the news from Colgate-Palmolive. It's (earnings) preview season, which is always treacherous.
There seems to be a growing perception that (Fed Chairman Alan) Greenspan is engineering what has historically been so elusive on Wall Street. And that's a soft landing, which is generally good for stocks.
The comments from the Gore campaign this afternoon accelerated the selling.