So far the earnings season has gotten off to an underwhelming start. I think the positive news from Intel is just what the market needed and is likely to lead to a favorable opening on Wednesday.

So far the earnings season has gotten off to an underwhelming start, ... I think the positive news from Intel is just what the market needed and is likely to lead to a favorable opening on Wednesday.

I think the last few weeks have probably been frustrating for investors. Earnings have been very positive, but the focus has been on interest rates. Over the next few sessions, it looks like the fear of higher interest rates will probably outweigh the earnings.

Earnings for the fourth quarter have generally met or exceeded expectations. We've seen solid reports from a number of different industries, with strength not just in energy, as in previous quarters in 2005.

There's a major rise in oil prices, increased investor worry about the upcoming earnings season and you're also seeing some profit-taking after the market's six-week run-up.