With 97.2% of S&P500 companies reported we have:

  • As-reported earnings
    • $25.59/share.
    • TTM  $89.29 — the 7th consecutive quarter with declining earnings. I am confident that has never happened without a recession.  And yet….
    • Profit margins are 8.8%. nice.
  • Earnings from ops (bulls*t earnings that leaves out bad stuff, used by the investment community):
    • $25.89/share
    • TTM down for the 6th straight quarter to $101.67.
    • Profit margin 9.93%. Very nice.

I’m expecting a bounce back in earnings in Q4. Then reality. Not too much reality at a time though. We don’t want to cause someone to shut markets off.