Bank of America point to a strong earnings season

Bank of America on Q3 earnings:

• nearly 80% of S&P 500 index have reported so far
• signs that the season will remain strong
• consensus EPS is now up 2% vs. where it stood as of October 1, which means its tracking +6% YoY, in line with our forecast
• 68%/57%/45% beat on EPS/sales/both so far, compared to the historical average of 59%/59%/41% and last quarter’s 71%/56%/46%
• mentions of weak demand have jumped but signs its bottomed …. worst in de-stocking is behind us

S&P 500 update:

The amount of words that have been written about this tiny pullback …. sheesh.

This article was written by Eamonn Sheridan at www.forexlive.com.