Beginning of Bull-run after the fall.
A total of 15 S&P 500 companies will open up their books this week, with most of the rest spread out over the next few weeks. According to Thomson Reuters, third-quarter results are expected to be up almost 24% from the same period a year ago, when corporate profits dipped 14.7%. That was the last of nine consecutive quarters of negative financial reports. Revenues are expected to gain 7%, after sinking more than 10% a year ago. (See: Stocks ready to run with earnings in the spotlight – Oct. 10, 2010.)
So finally we are in a bull run which is identified by pundits after ‘two years’? So much for the pundits! But will they stop being gloomy. I doubt. It is in vogue to be a Contrarian.