Investors are trying to breathe new life into the Nasdaq this week, but ultimately they'll see that it's like watering dead flowers -- there's little chance of revival. Earnings expectations are still being revised downward despite already gloomy forecasts. And companies haven't even begun to reveal how the economy's slowdown will affect earnings later in the year. Those revelations will shake the market in the months ahead.

Plus, we haven't seen the end of corporate bankruptcies. Companies have piled on debt over the years, either to finance growth or to buy back their own shares. Now it's clear that there has been little growth and their stock investments are in the cellar. All that's left is a mountain of debt and loan payments coming due. And many of these debt-laden companies will fold.