The reporting earnings season is bringing increasingly more positive than negative surprises.

We're positive on IT in Europe...it's different from the correction we've seen in the U.S..

Positive earnings surprises ... are key to any further gains for the overall market.

When the euphoria generated by the flurry of deals announced so far is over, the focus will switch over to earnings and there is cause for concern.

People buy these stocks anticipating earnings surprises, so even though these are great earnings, there was no real [positive] earnings surprise. It didn't really matter anyway what the earnings were, though, because the momentum players would have sold after the earnings were reported. They buy on the rumor, sell on the news.

We're coming close to a heavy reporting season. We will start to hear positive or ... more than likely negative surprises like what we saw with Computer Associates earlier.