Will History Repeat Itself?

From Barron's the week before last:

Any shortfall when companies report earnings this month, however, will be greeted far more harshly. After all, stocks have risen five straight weeks and are pushing 18-month highs. Stock buyers have seen data pointing to increasing orders, record productivity and an improving but still-hesitant pace of hiring, all of which should bode well for corporate profits. As a result, they've come to expect stellar first-quarter results. It is no coincidence the last two market pullbacks of 5% to 10% all occurred early in the earnings season. If the market hews to history, "market participants may sell the earnings news," notes Jeffrey Kleintop, chief market strategist at LPL Financial.