Warning season starts soon but there's already a good amount of outlooks to sift through and the data isn't good. So far, 113 S&P 500 companies have provided guidance, more than 20% of the index's components, and 76 of those have been negative, or 67%. Ten companies were in line with the consensus view (9% of the total), and 27 were above (24%). That makes for a 2.8-to-1 negative/positive ratio, above both a 1.9X ratio in last year's equivalent quarter and the 2.3X long-term aggregate ratio, which is based on data dating back to 1995. While there's still a few name-brand earnings reports trickling in -- notably Oracle ( ORCL) and FedEx ( FDX) on Tuesday and Thursday next week respectively -- the real test for this rally will probably come in mid-April when the big banks start reporting. JPMorgan Chase ( JPM), which also contributed to the buying frenzy this week with its announcement of a dividend increase and $15 billion buyback, will kick things off on April 13, so it's not too soon to start considering whether the company is going to be able to back up the 34%-plus move in the stock in 2012. The same goes for Bank of America ( BAC), up more than 65% year-to-date and making a run toward $10 late in Friday's session. A robust round of reports from the big banks would go a long way toward validating these advance, and providing some support for the broad market. After all, Apple ( AAPL) can't be expected to shoulder the whole earnings load forever. As 2012 wears on, analyst expectations for earnings increase with the S&P 500 seen posting profit growth of 9.1% in the second quarter, 5.2% in the third quarter, and 15.8% in the fourth quarter, according to Thomson Reuters. But those projections will come down if companies have trouble clearing the low bar set for the first quarter, and that could bring the profit-takers out of the woodwork. Also worth noting is that the verdict on first-quarter earnings season won't be in until roughly halfway through May, and every investor knows the old adage about the fifth month: Sell in May and go away. Stocks finished mixed on Friday, taking a breather after storming higher earlier in the week. The Dow Jones Industrial Average fell 20 points to finish at 13,233, breaking a seven-session winning streak. The blue-chip index is up 8.3% so far in 2012 after rising 2.4% in the past week. The Nasdaq Composite closed down a point at 3055, but it's up an incredible 17.3% year-to-date. The S&P 500 was the only major U.S. equity index to finish in positive territory on Friday, rising less than 2 points to 1404. The index enjoyed its best weekly gain in three months, also rising 2.4%, and it's now appreciated 11.5% in 2012 on a price basis. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron.