We are in the thick of earnings season, and so far the general trend has been as anticipated: modest if any top-line growth and more earnings beats than misses (albeit versus a low bar). But forward guidance has been the big decider on how the stock trades post-earnings, and the message has been decidedly mixed, as many companies have had to reduce guidance or otherwise failed to make the grade in other important growth metrics.

The market opened on positive note this morning after generally positive performances by Asian markets (Japan was closed for a holiday) and a good start in Europe. This carried forward the positive momentum of the five-day up market last week and a seven-day overall winning streak, with both the DJIA and the S&P 500 reaching new all-time highs.

The coming week should reduce uncertainty, at least slightly, since we get a bevy of new economic data and 15% of the S&P 500 reports.  And maybe Spain will decide whether or not it needs help.  Furthermore, we will have the next-to-last Presidential debate tomorrow night.