This may sound a bit like a conspiracy theory, but what if P&G lowered the expectations on purpose? That way, simply matching expectations could be considered an upside surprise. Furthermore, P&G has taken cost-cutting steps in the past quarter, and may have bolstered sales by lowering the prices on some of its consumer staples. While it is believed that these moves will have a bigger impact on the second-quarter, there could be some preliminary benefits in the first quarter.

Technically, P&G has suffered along with its Dow brethren throughout the economic crisis. That said, the recent recovery-rumor-sparked rally has helped the stock reclaim support from its 10-week moving average. This trendline has been the catalyst for P&G's advance, which has brought the stock face to face with resistance in the $57 region. Recently, the shares have backed away from this area, but a positive earnings report or forecast could help the stock muddle its way through the $57.

Of course, the $60 level looms overhead to provide resistance. My concern about this round-number level is the fact that it acted as support in the past. Oftentimes, we will see former layers of support act as resistance when given the chance -- will it happen here? The shares could definitely use a kick in the rear, and earnings reports are the kind of news events that can cause quick stock moves.