Morgan Stanley's ( MS) quarterly loss and Yahoo!'s ( YHOO) less than stellar report may dilute the news that big names like Wells Fargo ( WB) and Goldman Sachs ( GS) had strong quarters. Some strong earnings numbers may have set the bar too high. Of course, companies like Apple ( AAPL) -- which is reporting earnings that beat expectations -- may help bring some measure of support. Heading into what may be a sluggish summer-holiday trading month, things may stall rather quickly. Although retail earnings are at the tail end of the season, I feel this could be a turning point favoring the bear camp. Retail earnings will provide a real-time metric as to how the consumer is holding up in this environment of rising unemployment and uncertainty. If these numbers are lousy, I think it could trigger at the very least an intermediate-term reversal, possibly even taking the S&P 500 futures back to the bottom end of the recent trading range.