Posted July 20, 2012 16:34

This past week, earning season officially began. The market received positive news from JP Morgan Chase and Wells Fargo. JPM surprised the market with a much greater then expected EPS of $1.21 rather then the $.79 expected. The ‘London Whale’ trading loss also came in at $4.4 billion, lower than the $5 billion expected.

Now, as week look toward next week we are going to get earning reports from the remaining banks and on top of that also from major tech giants such as Intel, Google. SanDisk, and Microsoft. Traders will be watching these reports especially to see the state of the economy and see if earnings are slowing due to Europe and the recent slowdown in the U.S economy.

If we get positive news from the technology and financial sector this week, that pretty much sets us up for a rally going into next week’s Apple earning release.