56% outperformed the index in the session after their results

44% underperformed

The median relative performance was +0.6% and the average was 0.5%.

Like most batches of stats, this can be interpreted both bullishly and bearishly. Here’s what I *

think

* I see. Investors are reacting positively to the season. The latest results are delivering modest outperformance for the company versus the market and the split is modestly in favor of reporting companies. That’s a bullish earnings season. The season is not as amazing as the analyst narrative suggests. The market is *

not

* being blown away by the results. The market is also *

not

* in a fragile state with excessive expectations.

So despite my concern about valuations…. The stock price results suggest investors are about properly positioned with their expectations. There’s a good balance out there.

That can obviously change. That’s what today *

could

* be about. Or investors could just be fickle. Have a great weekend, see you

Monday

,

-Mike

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