"Last week, we were all about financials, technology and industrials. This week, it's everything. It's open season. We're really going to run the gamut," said Hogan, adding companies that miss are getting punished but are not impacting the broader market. McDonald's, for instance, lost nearly three percent bit the Dow closed slightly higher even so, after the company signaled a weak second half.
As of Friday, 22 percent of the S&P 500 had reported earnings. Including companies that have not yet reported, earnings growth is expected to be about 3.1 percent. Sixty-four percent of the companies that reported beat on earnings per share, while 50 percent beat on revenue forecasts, according to Thomson Reuters.
Stocks finished higher Monday, with the S&P 500 at a new high in lackluster trading Monday. The S&P was at 1695, up three. The Dow rose 1 to 15,545, and the Nasdaq was up 12 at 3600.
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The fireworks, meanwhile, were in commodities, where gold surged more than three percent Monday in its best move of the year, as the dollar continued to weaken. Treasury yields also moved lower with the 10-year at 2.48 percent.
David Gilmore, market strategist with FX Analytics, said he thinks the dollar's down turn is temporary.
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"I think the takeaway from last week with (Fed Chairman Ben) Bernanke's testimony, was the Fed is not going to press tapering to the point, where it undermines interest rates and sends them higher, derails the equity rally and creates a premature and unwanted appreciation in the dollar. Markets are less fearful of tapering than they were," he said.
The Fed has signaled it plans to start paring back on its $85 billion a month bond purchases before the end of the year.
"The notion that it's all going to get done by the end of the year is out the window. There will be some for sure, but September seems like it could be the starting point. They've done their best to convince people that tapering is not tightening," Gilmore said.
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Tuesdays' data includes FHFA home price data at 9 a.m. ET. The Richmond Fed survey is released at 10 a.m. The Treasury auctions $35 billion in 2-year notes at 1 p.m.