The market giveth and the market taketh away. Last week the market posted solid gains, up 46.77 points (or 2.25%). This week the market gave it all back with the S&P 500 Index ($SPX) opening Monday at 2126.85 and closing Friday at 2079.65, down 47.2 or 2.22%. The yo-yo action has been the norm this year as the SPX has bounced between 2040 and 2135 for most of the year. With earnings season now in full swing and no major crisis on the horizon, the market gyrations are being ruled primarily by corporate earnings reports. This week the declines were the result of a series of earnings reports from widely-held companies that were deemed either not good enough, disappointing, or really disappointing. Apple ($AAPL) started off the week on Monday with its quarterly results exceeding expectations for both revenue and earnings per share. However, the margin by which they beat was not as large as quarters in the past resulting in a 7% drop in the stock. IBM ($IBM), Caterpillar ($CAT), and 3M ($MMM), which are also DOW components, also posted disappointing earnings setting the stage for the selloff. Biogen ($BIIB), a leading biotech, posted poor results and sold off 22% on Friday pulling down the biotech sector along with the rest of the market. Some stocks did post good results, such as Amazon ($AMZN), Startbucks ($SBUX), Juniper Networks ($JNPR) and Visa ($V), but it was too little, too late.