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Earnings are the wild card for stocks

Stocks could feel a few more jolts in the coming week, as earnings season trumps just about everything else and some high profile names have already disappointed.

IBM, , McDonald's and Johnson & Johnson are among the blue chips reporting as dozens of companies unveil earnings reports in the four trading days following Monday's Martin Luther King holiday.

Existing home sales will be the important economic report for the week, and it is reported Thursday, along with weekly jobless claims and leading indicators.