Despite terrible negative-to-positive pre-announcements...
[3]
... global earnings revisions fading fast [4], and plunging analyst' earnings downgrades; [5] according to Bloomberg data, S&P 500 Earnings are expected to grow over 8% in Q2 2013 as we head into this season with top-line revenues growing almost 5% (with Consumer Discretionary expected to deliver around 10% growth).
[6]
With Alcoa kicking us off this evening and likely being extrapolated for at least one trading day (although it is the lowest market cap name in the Dow by far), we note the top-down and bottom-up fundamental trends that 'support' this market [7]. With only 20 names reporting this week, it is relatively quiet, though Friday may have some fireworks when JPM and WFC report their realized losses and loan-loss-reserve-subsidized gains.
[8]
Charts: Bloomberg and Ransquawk [9] [9]