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Earnings should grab attention, but watch commodities

Traders work on the floor of the New York Stock Exchange.
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About a quarter of companies report earnings in the coming week, and that could be a positive catalyst for stocks as worries about and drift into the background.

So far, just several dozen companies have reported, and the usual 70 percent-plus beat on the top-line, while just about half beat on revenue. Among the names reporting next week are , IBM, , , , and .

"The reaction to earnings has been relatively good," said Paul Hickey, co-founder of Bespoke. "Coming into this earnings reporting period, analysts' sentiment was negative. We were getting more downward revisions than upward revisions, and typically when you see that coming into a reporting period, the market performance is much better than when you see analysts upping their estimates."