Earnings Season --- take a deep breath, wait till the dust settles!
Totally agreed with this post from Reuters: Look through the numbers of this upcoming Q2 earnings season. Companies are already expert in managing expectations and earnings massaging will still be the norm in this reporting season. If a company beats, make sure they beat on revised up estimates instead of revised down estimates and vice/versa on the miss in earnings. Or better still, wait for the Balance Sheet and cash flow data to come out before deciding what to do with your positions or cash. Or better still, wait for the 10Q to come out for more details. With 8000 hedge funds and 8000 mutual funds shooting each other every day, it pays to be patient. Remember the Chinese Proverbs says "When the Snipe and Clam Grapple, the Fisherman Profits". So Hurry up and Wait, be the fisherman rather than the Snipe or the Clam.