Revenues Looking Up

(1) Fundamentally, revenues drive earnings drive stocks. (2) Business sales, forward revenues, PMIs, and federal tax receipts all bullish for corporate revenues. (3) S&P 500 revenues up 5.8% y/y during Q2. (4) Europe is weighing on global revenues. (5) EM MSCI has outperformed since 2006 because revenues outperformed. (6) Latest Chinese indicators upbeat for China and for global economy. (7) Focus on marketweight-rated S&P 500 Retailers.