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The buildup to earnings season is always full of anticipation, but it usually starts off slowly as the pace of reports doesn’t usually really get going until the second full week of the reporting period.  This earnings season has proved to be no different.  While there were some notable reports from companies like Tesla (TSLA), Netflix (NFLX), Goldman Sachs (GS), Johnson & Johnson (JNJ), Lockheed Martin (LMT), IBM, AT&T (T), Taiwan Semi (TSM), and Procter & Gamble (PG), the real fireworks won’t be until next week when more of the mega-cap stocks start to report.

While equities escaped the week with just modest losses, they felt heavy for most of the week.  As things stand now, both the S&P 500 and Nasdaq remain stuck in a sideways range and have stalled out at their February highs and remain well off their highs from last August.  For all the talk about whether we’re in a new bull market or still stuck in a bear, at this point it seems like neither.  If you want to call it a bear market, it looks about as savage as a koala, and if you’re going to go the bull route, it’s raging more like a cow than a bull.

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