Both Intel Corp. (INTC) and J.P. Morgan Chase & Co. (JPM) beat analyst estimates as well as Whisper Number expectations last week. Both companies also traded lower on Friday with heavy volume. This negative response to “positive” news suggests negative sentiment among traders, both professional and retail, and is in line with my expectation and forecast that this earnings season will bring the markets closer to reality.
Citigroup Inc. (C) and IBM (IBM) report Tuesday. Worse than expected results will provide more ammunition for the bears and potentially the first 2 day loss for the indices since early December .
 INTC $0.30 Analyst Estimate vs. $0.33 Whisper Number Expectation vs. $0.40 Actual
JPM $0.62 Analyst Estimate vs. $0.66 Whisper Number Expectation vs. $0.74 Actual
 INTC traded on 1.31 times previous day’s volume, JPM traded on 1.84 times previous day’s volume
 December 7 and December 8