Corporate earnings.

This hasn't been good start for earnings season Q1. Alcoa (AA) disappointed, UPS (UPS) reduced significantly first quarter estimates. And at the end of the week General Electric (GE) reported very bad quarter results and shares fall by 13%.

Coming week brings many interesting reports. You remember the same week for previous quarter was big disappointment. And there was only successful story with IBM (IBM). Which data I am interested in:

1. Earnings results for financial. J.P. Morgan Chase (JPM), Citigroup (C), Wachovia (WB) and Merrill Lynch (MER). This will give us answer to key question whether credit crisis deepens or is over. In my view this will be driver for stock markets in next week.

2. Earnings for big tech stocks. I'm bit afraid about Google (GOOG) to meet expectation. Ebay (EBAY) fee changes bring hope for good results. Also rivals Intel (INTC) and AMD (AMD) will tell us if something has been changed among semiconductors. Other tech companies this week are IBM (IBM) and Nokia (NOK).

3. Earnings for large caps. Earnings call for Johnson & Johnson (JNJ), Coca Cola (KO) and Caterpillar (CAT).

Next week definitely corporate earnings will play major role on the stock markets.