It's almost like that politician's famous statement. "I was for it, before I was against it." That might not be an exact quote, but it's a very typical type of statement for politicians...along with economists and market strategists. And now after those enduring weeks of "being against" the economic recovery, analysts are now moving "for" the economy.
If you remember, only a few weeks ago, there was a lot of consideration that the 3rd quarter earnings were going to be disappointing, so the analysts started downgrading their estimates. It seems as though it is a lot better in today's environment to be too pessimistic than to be overly optimistic. Yet, according to Ed Yardeni's group (http://www.yardeni.com/ & http://blog.yardeni.com/), of the 134 companies of the S&P 500 that have already reported earnings, 69% of them have seen both a positive earnings and a positive revenue surprise. That sure doesn't make it sound like this economy is running out of steam to me?
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