Salient to Investors:

The S&P 500 is at 15.3 projected earnings, the highest in 3 years. 72 percent of the 449 S&P 500 companies so far reporting have beaten earnings estimates, 56 percent have beaten sales estimates.

Rick Fier at Conifer Securities said earnings are pretty much done and tapering is on the way so catalysts to move us higher are done for the short-term. Fier says the next move will be lower, but not terribly.

Robert Wetenhall at RBC Capital Markets said decelerating orders and potentially higher interest rates may continue to hurt investor sentiment toward the housing industry.

Credit Suisse reduced its allocation to stocks to neutral from overweight. Analyst Michael Strobaek said the fundamental environment remains attractive, but the markets are overbought and a combination of a positive economic outlook and further supportive monetary policy are largely priced in, limiting the upside in the near term.

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