Well and the major contribution on the positive side of earnings are the banks who win through 2 effects one is balance fraud as they overstate assets on their book and the other is taxpayer sponsored profits as the FED lets the banks know what to buy before they buy it at a higher price from them. Barney Frank think its alright that banks get taxpayer money thrown at them and the boys deserve a bonus for that - the world goes completely insane now. Fact is the earnings have a very negative bias against all the claims of Obama and the Barbie dolls working at TV stations these days ( they are cute I have to admit but some even have voices hardly bearable over time - I have to switch off the voice the frequency is annoying). The crash waiting in Q3/4 will be based on the 'smartly' raised earnings expectations of the analysts who still will have another year of undeserved bonus payments.

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Revenue And EPS Deterioration Continues As Earnings Season Progresses

Submitted by Tyler Durden on 08/03/2009 19:36 -0500

It was a short 5 days ago that we wrote about CNBC's misrepresentation of this earnings season as a stellar success for companies. Earnings and revenues were down 32.4% and 15.1% then. Since then the economic situation has deteriorated even more: as of today earnings were down 33.4% and sales have declined 17.4%, respectively, quarter over quarter. And while earnings are now supposed to increase by 114.9% in two quarters by inhaling green shoots and what not, more curious is out of what hat will revenues stage a dramatic 22% increase in just 6 months. If anyone held a gun to my head to indicate when disappointment with guidance/analyst expectations would finally set in, i would have to say middle of February 2010 when miss after miss, both top and bottom line, will demonstrate just what an unjustified joke this rally truly is.

Revenue change YoY to date: