Flattish open as we crawl into earnings …

Flattish open as we crawl into earnings season starting next week when the fireworks should really start.  The biggest question, as usual, is what fundamentals are priced into these markets?  We see Corning this morning getting hit at the open for a couple percent and it’s now almost back to the levels it was before last quarter’s beat-and-raise and subsequent 15% pop.  10% off its highs and almost in a straight line since the Japan quakes hit a month ago, probably mostly because Corning’s supply chain has likely been affected by the capacity that’s been shut down in Japan’s manufacturing sector.  Has that 10% decline overshot the possible hit to earnings from last quarter and next from that disruption?  We won’t know til we start seeing how the markets react to such announcements starting next week on the conference calls.  I did some trading yesterday as noted, but I’m going to put myself in a disciplined holding pattern for the next few days until we see how the markets start treating earnings, both good and bad, for the near-term.  Discipline.  Discipline.