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October Earnings Revision Review; Medium Term Bullish

Last month, we commented that our earnings revisions work for the broad equity market had finally cooled somewhat. We also indicated that it was likely that it would not be long lasting or problematic. Well, the October review showed stabilization and minor improvement and suggests will continue through year end supporting our ongoing medium-term bullish view.

While many of the bearish forecasters view the ongoing rally is as unjustified and disconnected from reality, they are still only focused on the price moves of certain sectors and stocks. They continue to underappreciate the powerful combination of positive earnings revisions as measured by our proprietary Analyst Sentiment Measure (ASM) indicator, historically low interest rates, record monetary and fiscal stimulus, and the potential end of crippling lockdowns in the coming 3-6 months.

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