Potential Playouts for Earnings Season

And if earnings are really putrid, and guidance across the board is mostly down? Downside is most likely in that scenario.

It's possible that the bulls will get it going on when earnings hit next week. I'm eager to hear what the fundies look like at the big cyclicals, including Alcoa (AA Quote), next week. But I continue to think that the risk/reward of being long isn't attractive quite yet.