Earnings reports on Wednesday from big banks like Goldman Sachs (GS) and JPMorgan Chase (JPM) were encouraging. And Apple (AAPL) got a much-needed boost from the top tech analysts. However, Goldman’s analysts tried to throw a wet blanket on the markets earlier this week with their expectation that earnings reports overall this year would be “uninspiring” and that equity returns this year likely will be only in the single digits.

With all the recent central bank actions (e.g., the Fed’s unlimited QE3, the ECB’s Outright Monetary Transactions, and the Bank of Japan’s ongoing initiatives), the expectation of infinite liquidity is now baked into stock prices. So, further movement will have to come from new catalysts, like good old-fashioned earnings growth.

Despite last Friday’s disappointing jobs report, stocks are staying strong. The S&P 500 hit yet another new high on Wednesday—its highest level since January 2008, while the Nasdaq is at a level not seen since toppling from its “irrational exuberance” days of late-2000 as the Internet bubble was bursting. The ECB seems to be getting a workable plan together to support the eurozone banking system and sovereign debt.

Last week, neither Fed Chairmen Bernanke nor European Central Bank (ECB) President Draghi committed their respective organizations to a specific solution to the economic woes of the U.S. or Europe. President Draghi’s firm statement last week that “the ECB is ready to do whatever it takes to preserve the Euro” lacked substance. Yet, that statement sent the S&P 500 roaring up +3.56% over July 26 and 27.