It’s possible that warnings will get lost in all the optimism from a market rally. But when you consider HAL’s midday surprise yesterday and MOT’s fiasco this evening, it’s not a good start. When I look at warnings, market leadership is key. If MSFT warns, it means something for the market. If NOVL warns, it means something for NOVL and the market will not care. When it comes to energy, HAL is a big name to watch. When it comes to telecommunications, MOT is a big name to watch. Two companies don’t signal the certainty of major problems for earnings season but they should cause you to pay attention. I have been worried about slowing economic growth and estimate revisions so now I have more of a reason.