Earnings revisions data for Q2:
Despite some highly publicised negative preannouncements the past week or so, this is still shaping up as a very strong quarter for earnings. Remember, this week should be the peak for negative news. Also, there were a large number of positive preannouncements (upping guidance) earlier in the quarter, which the market seems to have forgotten.
According to First Call (sorry, I can't provide a link but I'll summarize), analysts have increased estimates by 5% since the start of the quarter, which is a record for any quarter and well above the 3% decrease for the average quarter. The ratio of negative to positive preannouncements is well below average, and is actually at a record low level of 0.8 for the S&P 500 (more positive than negative preannouncements).
