The IBM earnings were good, but is this enough to turn things around?. I guess the futures could rally overnight, but as it stands, we're headed toward a lower open.

I would say in the next few weeks we can kind of grind in place, maybe a little to the upside. Maybe we'll get through the pre-announcement period without too much trouble, and then we'll get into third-quarter earnings in October, and they should be mostly in line.

The stocks that are benefiting most from better earnings are the small and mid-cap ones.

There's a lot of earnings for next week, but I don't see what's going to give us a lift. If the earnings have been good so far, and stocks have fallen anyway, what could the next wave of earnings do for us, even if they are positive?

This is where the earnings growth is. This is where people perceive the opportunities are to make money.