Earnings anxiety continues this week

Citigroup reports earnings on Friday. Merrill Lynch will report on Thursday. As a prelude, JP Morgan Chase and Wells Fargo will report on Wednesday. There's plenty to be nervous about. Writedowns are at the top of the list. Goldman Sachs estimates $12 billion in industrywide writedowns, with $2 billion of that at Merrill Lynch, notes MarketWatch. JP Morgan writedowns are expected to be nil. Investment banking units likely will reflect the severe drop off in business. Still, do not be surprised if the market rallies--in relief--on specific bits of earnings news, as long as it is not off-the-charts ugly.    

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