Profits vs. The Bears

(1) Are we there yet? (2) April was a month of shock and awe. (3) Analysts were awed, while investors were in shock. (4) Unprecedented upward revisions in earnings. (5) Valuation multiples go down as earnings go up faster than stock prices. (6) The bearish Intelligencia sees crashes everywhere. (7) Earned income per worker at record high! (8) And so are government transfer payments. (9) Overweight the Autos. NOTICE: Our Morning Briefings are now available on FactSet.