Also, according to Earnings.com, Kraft earned 50 cents per share a year ago, and the call is for 50 cents per share on Monday. It shouldn't be too difficult to eke out a little growth, should it?

Investors will also want to look for news on price increases and volume trends. Many companies these days have been talking about passing on commodity-cost pressures to consumers, and Kraft is no different. Will the public take to such increases? As I alluded to before, Kraft has a powerhouse stable of products. People who love Ritz crackers will pay whatever price they need to pay to keep the item in their pantries. Will Kraft have any new marketing campaigns to keep up the brand equity? This is also crucial stuff.

In terms of Kraft being a trade going into earnings, I see that as a challenging situation at best. Consider the following: McDonald's (NYSE: MCD) sold off a little when it released its earnings; concern about the margins was mentioned. You'll note that McDonald's did very well on the bottom line, beating by 8 cents. Yet, it wasn't enough to overshadow other issues, and the stock did nothing. Personally, I think McDonald's deserved a higher bid on the results. But hey, it doesn't matter what I think, the market will do what it pleases. And when the market is volatile, a new thing pleases it (or irritates it) each day.

That's why I'm not infatuated with a Kraft-earnings trade. Maybe McDonald's sold off because it's been a stronger stock and investors were looking for an excuse to take some money off the table. Still, I'm not convinced. The best thing to do might be to wait until after earnings are issued to see the hard numbers and the reaction to the stock. Then, if you're still interested in Kraft, you could do something at that point.

Disclosure: I don't own any company mentioned; positions can change at any time.