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The Week Ahead: A fourth quarter earnings report from J.P. Morgan still left lingering doubts about an economic recovery as losses on credit cards and mortgages deepened and may be an indicator of future bank earnings to come. Key reports to watch are Wednesday's Producer Price Index and Housing Starts as well as Thursday's Jobless Claims figure and the Leading Indicators for the economy.

Stocks to Watch: Look for the rail stocks to report earnings such as CSX Corp. (CSX) on Tuesday while Union Pacific (UNP), and Burlington Northern (BNI) report on Wednesday. IBM will also report numbers this week. Johnson and Johnson (JNJ) was hit with an expanded product recall and was also accused of paying bribes to help sales of its anti-psychotic medicine. Leap Wireless (LEAP) shot up 10% on 4 times normal volume on rumors that the company may be for sale. Interactive Data (IDC) is also reviewing alternatives as its stock rose 14%.

Special Note: Friday's downturn was especially harsh coming on the heels of an upbeat Intel earnings report. The selling was broad based as evidenced by the advance/decline ratio and up volume versus down volume. Furthermore, the high on Thursday was not confirmed by the Nasdaq, Dow Transports, Dow Utilities, or the broader based Value Line and DJ Wilshire 5000. Look for the uptrend line that started from last March to be breached at approximately the 10525 level. If so, this would be real evidence of a trend change in the market.

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