The recent tech gains were supported by a wave of upward revisions to earnings forecasts. But for those shares to go further from here, investors need to know how they are going to perform next year.

There are definitely earnings fears creeping in the market,

Tech stocks are boasting high multiples, Sony shares are trading at 44 times projected fiscal 2006 earnings and many others are exceeding the 21.8 average for all firms traded on the first section of the Tokyo Stock Exchange.

If powerful upward earnings estimate revisions have not been able to drive equity prices higher, we suspect that downward momentum in such estimate revisions may cause further stock market weakness to emerge in the next few months.

As long as the current upward momentum remains intact, it would not be a surprise if the dollar moves to test the 120-yen level.

This is the first true day of tech earnings, so it's a little hard to say. We've got two more big days in front of us.