As promised to you guys yesterday, we're going to update the market's (the S&P 500's) overall fourth quarter earnings results today. There's no doubt as to what's the biggest thing on your mind right now, however - what's next for this wild market. We'll start there. Yes, stocks closed higher today, by about 0.6%. That's a solid move, but it still doesn't erase the majority of yesterday's 1.8% drubbing. The S&P 500 managed to move back above that key support line at 1495, but just barely. The index closed at 1496.64, and I suspect the bulk of that gain wasn't rooted in some sort of deep-seeded bullishness on stocks, but more because the market just got pounded yesterday - the proverbial dead-cat bounce. Point being, today's action is nothing that guarantees more upside ahead (and we're acknowledging that despite our still-bullish point of view). If the market is going to recover and rekindle the rally, it's going to need to put that effort together soon. Otherwise, today's bullish work will just fizzle. If it does fizzle and we see another close under the key 1495 area, or worse, under Monday's close of 1487.85, that will force the bulls to throw in the towel for a while. Bottom line? Today's pop does little more than give the bears as well as the bulls a chance to catch their breath. It tells us nothing about what's in store for stocks in the near future. Be sure to check back tomorrow for an updated view. Q4's Earnings Continue to Deteriorate (2014's Look Good, But..) Just when you think it can't get worse, it gets worse. When we looked at the data a week ago, the S&P 500 was on pace to earn $23.32 per share for last quarter. That was 1.7% less than the Q4-2011 total, and well short of the $25.29 the market was looking for at the end of last year. Well, it's gotten worse since that "as of February 14th" data. As of February 21st, the S&P 500 is on pace to earn only $23.28 for the fourth quarter of last year. It's not leaps and bounds worse than where we were a week ago, but it's definitely not a step in the right direction. We don't see any miraculous changes being made to the figure either, as 93% of the S&P 500's companies have already posted Q4's numbers. All that being said, there has been one major change with Standard & Poor's analysis of the S&P 500's companies since our last look. Now, 2014's forecasts are on the table. As of last week, Standard & Poor's expects the S&P 500 to earn (on an operating basis) $125.44 in 2014. That's 12.7% higher than the $111.22 projected for 2013, which is 14.7% stronger than what's going to end up being a bottom line of $96.95 for 2012. That's big-time growth, and bluntly, is also a little hard to believe given that we're likely in the latter stages of a bull market (if not at the end of one already). Then again, never say never. We just want to give you the factual estimates right now. We'll be critiquing the outlooks and navigating the market one day at a time. Retailers Reflect Consumers' Mindset We told you yesterday we were going to start scrutinizing retail earnings, not just looking at last quarter's results as a barometer for consumer confidence, but also looking for hints about just how big the impact - if any - the cancellation of the payroll tax break would have on how those retailers might perform in the future. Well, the bulk of those reports aren't in yet, but we've got a handful of earnings news in hand for the week so far. In a word, not bad (ok, that's two words, but you get the idea). Radio Shack (RSH) earned $0.04 per share versus an expected loss of $0.05 and last year's profit of $0.12. Saks (SKS) earned $0.017 per share, matching last year's bottom line, and topping estimates of $0.15. Home Depot (HD) aced Q4, earning $0.67 per share, topping estimates of $0.64, and leaving the year-ago figure of $0.50 in the dust. Macy's (M) brought home $2.05 per share against estimates of $1.99, beating last year's total of $0.50. Even struggling home improvement name Lowe's (LOW) beat estimates of $0.23 with an actual bottom line of $0.26 per share last quarter, though that was still less than Q4-2011's bottom line of $0.29. All in all, we'd have to say these are decent numbers. Not great, but decent. The only two problem children were Lowe's and Radio Shack, and odds are good that both of those companies would have posted weak results no matter what kind of environment we were in. In fact, Lowe's had to reel in its 2013 per-share profit outlook to $2.05, versus prior analysts estimates of $2.10. Even more interesting is the fact that none of the retailers that have posted last quarter's numbers and/or provided guidance have suggested they're worried about consumers cutting back on spending just because their paychecks are 2% smaller than they were at the end of last year. In fact, Macy's upped its full-year profit guidance to $3.95, compared to prior estimates of $3.84. Saks did the same. Side note: As overbought at HD shares are, there's no denying it's smoking competitor Lowe's. In the lineup for tomorrow is earnings news from Dollar Tree (DLTR), Target (TGT), TJX Companies (TJX), and Limited Brands (LTD). This is going to cue up a deeper look at the low-end, discount segment of the market. If these names - with the exception of Limited - do well, it could be a sign that consumers are looking for bargains, and that's a sign of weak consumerism. Again though, we're really more interested in what these retailers will hint at regarding any potential consumer spending trends they see this year. The Best of the Best Sometimes, the simplest trading tactics are the best ones. That's what James Brumley was thinking this morning anyway, when he wrote "Stocks That Are Actually, You Know, Going Higher" He's talking about Pulse Electronics (PULS) and SemiLEDs Corporation (LEDS), pointing out how, if nothing else, the fact that both of them are going higher bodes pretty well. Don't worry though - there are bigger underlying reasons both names are turning bullish. Though the bulk of earnings season is over, John Udovich correctly points out that it's not quite over yet, and a few small cap healthcare names are reporting this week. Indeed, Bio-Rad Laboratories (BIO) is posting last quarter's numbers this evening, while Accretive Health (AH) and Viropharma (VPHM) report on Wednesday. You may want to check out John's take on all three before these latter two names make it official. John's also got a great look at one of the hottest arenas lately.... 3D printers. His assessment is spot-on when he notes "[I]t must be said that 3D printing is a revolution because it allows you to instantly print parts and entire products no matter where in the world you are - eliminating the need for costly and time consuming models. The problem is that stocks at the forefront of a 'revolution' have a habit of getting ahead of themselves thanks to hype." In simplest terms, he asks "Has the Hype Caught Up to 3D Printer Stocks?", and then proceeds to use Stratasys (SSYS), ExOne (XONE), and Organovo Holdings (ONVO) to answer the question after 3D Systems Corporation (DDD) missed Wall Street's lofty expectations. That hype-versus-reality question is hardly a new one investors must face. In fact, it may be the oldest question investors have been forced to face since the very beginning of the stock market. And there's never an easy answer. Fortunately though, there's help for traders asking the question. It's the SmallCap Network Elite Opportunity. This subscription-based service taps into decades' worth of market experience to let you know exactly when to get into or out of a stock pick, and exactly when and where to expect the market to ebb or flow. Whether you're a newbie or a seasoned trading veteran, SCN EO can make you a more potent trader. Click Here to Learn More and Sign-Up Or, copy and paste the following link in your browser: http://www.smallcapnetwork.com/?vmpd_ckstr[click_track]=SCN+Newsletter&vmpd_ckstr_redirect=/pages/SCNEO/v1/