For the past few months, the market has seemed indestructible. So can it survive the earnings preannouncement season? Some analysts say yes.

While any number of factors could potentially derail the rally -- including higher oil prices, a weak preannouncement and earnings season, or simply an evaporation of buying power -- several analysts believe that there is enough liquidity sloshing around and enough momentum to send the averages higher for another few weeks. The most likely catalyst for a market change, they say, could be earnings announcements in mid-July, when companies give guidance on the second half.

Stocks have steamrolled ahead recently despite a criminal probe and Securities and Exchange Commission investigation into Freddie Mac ( FRE), an indictment for Martha Stewart, questions about IBM's ( IBM) accounting, less-than-stellar economic news, and sales warnings from Texas Instruments ( TXN), Motorola ( MOT), Nokia ( NOK) and others.

"One thing we've learned in this business is don't sell strength, because you never know how long it's going to last," said John Bollinger, president of Bollinger Capital.

Only when the market looks like it is starting to fade should investors pull out, and so far, he said, there has been scant evidence of that happening. Technical indicators such as advance/decline lines and new highs to new lows are holding up well, and the rally continues to be broad-based. But more important, investors' response to bad news has changed.

"From early 2000 to the end of 2002, bad news was emphasized and good news was ignored; now we've switched," Bollinger said. "This is the signature of a basic change in market psychology."

James Paulsen, chief investment strategist at Wells Capital Management, said investors shouldn't keep waiting around for a big correction that might not come in the near future. "Sneakily, a lot of the market is moving up while everyone's debating whether this move is real," he said. "By the time you determine it is, it'll be over."

If you liked this article you might like

Coming Week: Earnings Flood

Coming Week: Earnings Flood

Don't Write Off Inflation Threat

Don't Write Off Inflation Threat

No Quick Fix for Trade Gap

No Quick Fix for Trade Gap

Merrill's Doll Sees Stocks 'Muddling Through'

Merrill's Doll Sees Stocks 'Muddling Through'

Downhill From Profit Peak

Downhill From Profit Peak