Does this look like the earnings picture painted by a thousand talking heads on financial news networks?
As Goldman reports,
The positive 3Q earnings surprise is in stark contrast to negative revisions to consensus 4Q 2014 and 2015 earnings forecasts.
Consensus 2015 EPS estimates for the Energy sector fell 3% in the last week alone.
Forecasts for most other sectors are also falling but the magnitude of revision is smaller.
So apart from that - yeah, earnings look great!!
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But then what do fundamentals matter anyway, when we have "Mr. Bullard" to reassure the market...
Which is odd, because bonds and credit seem to be 'understanding' the fundamentals...
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Charts: Goldman Sachs and Bloomberg