Market Preview: Stay for May?

"Though a pullback in prices can't be ruled out, and 'Sell in May' may only be delayed until the 'Swoon in June,' history reminds us (but does not guarantee) that there is little historical evidence encouraging us to sell out of stocks altogether," Stovall said. "Especially when an investor could have added 400 basis points per year by rotating out of the S&P 500 and into the S&P 500 Consumer Staples and Health Care sectors from M-O May to October."

As for tomorrow's scheduled news, Tuesday's most high-profile reports are from Dow component Pfizer(PFE) and Sirius XM Radio(SIRI) , whose sub-$5 per share price makes it a day trader's delight.

Pfizer shares are up 10% in the past year, but roughly flat so far in 2012. The drug maker is fresh off last week's agreement to divest its Nutrition business through a sale to Nestlé for $11.85 billion. The company is expected to report earnings of 56 cents a share in the first quarter on revenue of $15.47 billion, and it will be providing updated guidance to reflect the divestiture, which is expected to be completed in the first half of 2013.

Meantime, with a year-to-date gain of nearly 25%, Sirius XM has been a solid outperformer in 2012. The average estimate of analysts polled by Thomson Reuters is for the satellite radio company to deliver a profit of 2 cents a share on revenue of $803.8 million in the first quarter. An in-line revenue performance would translate to year-over-year growth of 11%.

Sirius watchers will be combing through the subscriber count and churn rate to get a sense of how well the price increase the company announced back in September has been received. A major topic on the conference call will be management's expectations of any fallout from the recent legal scuffle the company won against shock jock Howard Stern.

The sell side is very bullish ahead of the report with 10 of the 14 analysts covering the stock at either strong buy (4) or buy (6) and the 12-month median price target sitting at $2.55. Sirius, which is always heavily traded with the stock's trailing three-month daily average churn at 52 million, finished 2011 with 21.9 million subscribers and has forecast ending 2012 at 23.2 million.

Check out TheStreet's quote page for Sirius for year-to-date share performance, analyst ratings, earnings estimates and much more.