Earnings season begins with hopes for improving guidance.
We start earnings tomorrow with Alcoa. The hope is that an improving economy will lead to a better outlook for corporate profit.
A lot of issues holding back guidance are gone: there's less drama in Washington while Obamacare is still a mess but getting worked out. Meanwhile, economic data points, with some exceptions, are improving.
Europe is doing better. There is considerable expectations that the global part of earnings for multinational corporations should be stronger.