If one were to say that markets climb a wall of worry, it would be a perfect description of what has been going on over the past few days. The news has been difficult, if not downright negative. However, investors know that earnings are just around the corner and are looking for opportunities to capitalize on the potential for a summer rally. Technically, the market is deeply oversold. The news has been broadly negative. The slide in the Euro has adversely impacted the market from the multinational Industrials to the commodity based Basic Materials. The unwinding of the “risk trade” has been largely indiscriminant. Financials face tough reforms that are gaining political momentum in the light of the negative issues surrounding Goldman Sachs. China’s been trying to slow its economy and Europe can’t avoid its economy slowing. This is a jobless recovery, which has weighed on the market sentiment and longer term recovery projections. In addition, housing is about to feel the sting from the end of government stimulus. All of these worries have created the wall, but this is a wall that the market started to climb with the minor reversal day on Tuesday. Yesterday was the follow-through day. I wouldn’t be surprised to see some consolidation, especially given that today’s data on Retail Sales and the tendency for the market to pull back heading into the weekend are factors weighing against the bulls. However, the focus is shifting toward earnings, and that is a good thing.