investors may be hard pressed to bid stocks higher -- there are enough roadblocks in the near future that may encourage more wait-and-see attitudes to emerge. But there's also been a somewhat disturbing trend in that more companies are warning that the current quarter's earnings may fall below analysts' estimates.
It's hard to say whether the negative forecasts will reach critical mass, but it could be a source of unease as Wall Street tries to keep its rally going.
In addition, the Federal Open Market Committee's meeting is just two weeks away. The Fed is widely expected to hike interest rates to one quarter point to 3.5 percent, which would be the 10th rate hike since last summer. Investors, however, want to know when the rate hikes will stop, and nervousness over the prospect of even more increases through the fall and winter could prompt selling ahead of the Aug. 8 meeting.
Finally, oil prices surged past $58 per barrel Friday, and a sustained increase in crude futures could darken hopes of moving the market higher.
In this market, even good news may not be enough, at least for the short term.