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Intel, JPMorgan Earnings Will Beat Forecasts: Market Pro

Alcoa kicked off the earnings season on a sour note and the company's shares weighed on the Dow, as did a warning from Chevron. David Dietze, president and chief investment strategist at Point View Financial Services, and Mark Eibel, director of client investment strategies at Russell Investments, shared their earnings outlooks.

Earnings & the Markets

“This is all about great expectations,” Dietze told CNBC.

“I’m afraid that with this earnings season, there’s never been greater expectation with the market up about 70 percent since last March.”

Dietze said he is concerned that high expectations have already been built into the earnings numbers. Economic bellwether Alcoa's dull earnings are making investors and analysts worry that other prominent companies will follow suit.

“The commodities and oil prices have been showing the strength—they’re supposed to be the evidence of the big boom globally, and when we see the weakness in those companies, that’s scary,” Dietze said.

“Particularly Chevron —oil prices doubled from a year ago and they’ve had a record increase in production and they're still telling analysts that [expectations] are way too high…It’s the whole sector."

"It tells you something nerve-wracking about the overall global economy," Dietze added.

In the meantime, Eibel said Intel and JPMorgan Chase , due to report later this week, will be the two “real bellwethers” that the markets will turn to for earnings guidance.

“I think in both cases, there’s a chance that they will beat earnings expectations,” he said.

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No immediate information was available for Dietze or Eibel.