Earnings releases from J.P. Morgan before opening bell and Google at closing bell Thursday

These reports could provide some gas for the fire. Either to help it take off or maybe burn down the house.

Also on tap for Thursday, weekly jobless claims, reported at 8:30 a.m. Other U.S. data includes PPI producer inflation data, and the Empire State survey, both at 8:30 a.m. Industrial production is reported at 9:15 a.m. and the Philadelphia Fed survey is at 10 a.m.

"Anything less than 450,000 (jobless claims) will be a psychological boost for the market. I think we have to get down there and hold those levels," said Jeffrey Kleintop, chief market strategist at LPL Financial. Economists expect claims of 445,000 after last week's 454,000.

High unemployment is one the biggest frustrations of the economic recovery. The Fed, in fact, in cutting its GDP forecast, also provided a worse forecast for unemployment.

Citigroup and Bank of America follow J.P. Morgan, with earnings reports Friday.

Will the financials lead the way ?  Up or down ?