With earnings reports beginning to filter in this week, investors will be checking whether the recent run-up in prices has been worth it.

The quarterly show and tell can move the market and individual issues up or down depending on the reports.

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This will be a bleak holiday season for many Americans.

Massive job losses and reductions in hours for many of those still receiving a paycheck will make holiday giving painful and restrained.

Companies that might be gearing up for the annual holiday push are nervous about lower sales, which means many aren't hiring.

Saving existing jobs and creating new jobs is job #1.

No amount of government assistance can make up for a missing paycheck. Not only is there financial stress, but the emotional stress can be devastating.

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The second quarter was spectacular, even with the weakness at the end of June.

All indexes set multi-year records, however that may say more about how low prices had dropped through the end of the first quarter, then any real strength in the market.

Forecasts for the summer don't include any big movement up with the potential greater for some serious dips on bad economic news or unexpectedly bad reports from market leaders.

However, in the fall investors' hearts turn to the outlook for 2010.

There is a good chance we'll have flat or slightly negative growth through the third quarter with the economy turning slightly positive in the fourth quarter.

Since investors always look to the future, some believable and positive forecasts for 2010 could spark a rally.

But the fall is a long way off and much can happen between now and then.

Have a safe and restful holiday weekend - the markets are closed Friday.

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Successful stock investors, like defensive drivers, always expect the unexpected.

The unexpected for investors is often a flaw in their analysis or something that could not have been anticipated.

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