NEW YORK ( TheStreet) -- Second quarter earnings season becomes more active next week with the focus on bank stocks and Dow components on Monday and Tuesday.Against this backdrop the earnings bar has been raised this morning as stock futures traded significantly higher overnight following comments by Fed Chief Ben Bernanke after the close on Wednesday. Helicopter Ben told his audience in Cambridge, Mass., that Wall Street will continue to be flooded by QE3 and QE4 for the foreseeable future. If market strength is sustained today, the Dow industrial average will test or exceed its monthly risky level at 15,437. If the S&P 500 trades up by 17 points its monthly risky level will be tested at 1669.0. The Nasdaq closed above its monthly pivot at 3510 on Wednesday, setting the trigger for these upside targets. The Nasdaq could set a new multi-year high above its May 22 intraday high at 3,532.04. Stock market strength and an elevated 30-Year U.S. Treasury bond yield intensified the ValuEngine valuation warning with 74.4% of all stocks overvalued and with 39.4% of all stocks overvalued by 20% or more. On Monday July 8 I wrote, Bank Indices Set Multi-Year Highs Pre-Earnings where I profiled seven stocks that reported or will report earnings this week. Here's a scorecard for the three that reported though Wednesday. Alcoa ( AA) ($7.92) reported EPS of 7 cents per share after the close on Monday, but was this a miss or a beat? Going into this earnings report estimates were lowered to between 6 cents and 9 cents, so to me the report was neither a miss nor a beat. Note that the hold rated stock simply traded back and forth around my weekly pivot at $7.90. On Wednesday pre-market Family Dollar ( FDO) ($68.50) reported a beat of two cents with an EPS of $1.05. This stock has a buy rating according to ValuEngine so it's not surprising to see a pop to a new 2013 high at $69.70 versus my quarterly risky level at $70.03. YUM) ($72.36) reported a beat of two cents with an EPS of 56 cents. This stock has a buy rating according to ValuEngine so a positive reaction to this earnings report is no surprise with my semiannual risky level at $73.12.