Why The Bull Still Has Running Room

It's at least three weeks before Corporate America starts swamping the newswires with quarterly earnings reports, but already there's a growing uneasiness in the air. On Sept. 13, IBM, the stock market's comeback kid, told Wall Street analysts that its third-quarter profit forecasts were too high. During the following days, other high-profile technology companies such as Apple Computer Inc. and Oracle Corp. also deflated expectations. It's not just technology. Caterpillar Inc., an old-line industrial giant turned tough world-class competitor, reported on Sept. 19 that earnings would fall below year-ago levels.

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