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Stock market bulls look to earnings for salvation

Traders work on the floor of the New York Stock Exchange, Oct. 10, 2014.
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Stock market bulls are banking on a shift in focus next week to earnings, from the global economy, with major U.S. banks and technology companies among the corporations slated to report third-quarter results.

"Next week, in my opinion, we really do switch to all about earnings," said JJ Kinahan, chief strategist at TD Ameritrade.

"Typically when we transition into the heart of the earnings season, U.S. markets tend to shift from the macro focus where we are concerned about the European slowdown, Ebola, ISIS, Russia-Ukraine to company earnings, and we'll have plenty of that over the next two weeks," said Art Hogan, chief market strategist at Wunderlich Securities.

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The earnings season gets going in earnest on Tuesday with JPMorgan and Wells Fargo, which should help set the tone for the rest of the season in part because "those banks have so many other businesses, like housing and small-business loans," Kinahan said.

"And then we'll get eBay and Google, so a little bit of the tech watch, " Kinahan added.