Coming Week: Never-Ending Earnings

07/19/08 - 09:56 AM EDT

Joanna  Ossinger

If there are some more Wells Fargos(WFC Quote - Cramer on WFC - Stock Picks) in the mix next week, investors could be very happy.

Last week, Wells Fargo, along with falling oil prices, helped buoy a market that had gotten to incredibly low levels by releasing a better-than-expected earnings report.

Over the five trading sessions, the Dow Jones Industrial Average jumped 4.5% to 11,496.57, the S&P 500 gained 1.7% to 1260.68, and the Nasdaq Composite added 2% to 2282.78.

"We think the bounce can continue," says Ryan Detrick, chief technical strategist at Schaeffer's Investment Research. "This could be the first quarter in four that we beat overall expectations."

Detrick notes out that the 1220 to 1225 range was a double bottom for the S&P 500 in the summer of 2006, and "it sparked a tremendous rally" in the last half of that year, so an echo of that is possible here.

The earnings come fast and furious next week across all major sectors, led by a raft of Dow components. Those include Bank of America(BAC Quote - Cramer on BAC - Stock Picks) and Merck(MRK Quote - Cramer on MRK - Stock Picks) on Monday, Caterpillar(CAT Quote - Cramer on CAT - Stock Picks) and DuPont(DD Quote - Cramer on DD - Stock Picks) on Tuesday, AT&T(T Quote - Cramer on T - Stock Picks), Boeing(BA Quote - Cramer on BA - Stock Picks), McDonald's(MCD Quote - Cramer on MCD - Stock Picks) and Pfizer(PFE Quote - Cramer on PFE - Stock Picks) on Wednesday and 3M(MMM Quote - Cramer on MMM - Stock Picks) on Thursday.

Investors will be watching to see if the financial-sector-inspired momentum can continue, but the markets will have to get past earnings releases from a number of companies that have been the subject of concern lately. For example, on Tuesday, reporters Wachovia(WB Quote - Cramer on WB - Stock Picks) and Washington Mutual(WM Quote - Cramer on WM - Stock Picks) are expected to show some ugliness on their balance sheets.

Other financial companies reporting earnings include UnionBanCal(UB Quote - Cramer on UB - Stock Picks) on Monday; KeyCorp(KEY Quote - Cramer on KEY - Stock Picks), Regions Financial(RF Quote - Cramer on RF - Stock Picks) and SunTrust(STI Quote - Cramer on STI - Stock Picks) on Tuesday; SLM Corp.(SLM Quote - Cramer on SLM - Stock Picks) Wednesday; MBIA(MBI Quote - Cramer on MBI - Stock Picks), Genworth Financial(GNW Quote - Cramer on GNW - Stock Picks) and Sovereign Banc(SOV Quote - Cramer on SOV - Stock Picks) on Thursday; and T. Rowe Price(TROW Quote - Cramer on TROW - Stock Picks) on Friday.

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