We've been at this stage of earnings season before and already been so repulsed that we're just battening down the hatches.
But this one started out with a strong quarter from Alcoa (AA) -- time to circle back? -- and then extended to two excellent quarters from Wells Fargo (WFC) and JPMorgan (JPM), followed by even better quarters from Citigroup (C) and Bank of America (BAC). That's pretty incredible.
PepsiCo (PEP) gave us a consumer packaged goods story that could turn into a gold standard for earnings. Domino's (DPZ) delivered yet again, although because the stock had run so much you got the predictably muted reaction.
In the meantime, two companies that we expected to disappoint, CSX (CSX) and Intel (INTC), failed to do so, even if they weren't what the bulls were really looking for. And two companies that were expected to be good and had run a bit, Google (GOOGL) and Netflix (NFLX), were incredible. (Wells Fargo and Google are part of TheStreet's Action Alerts PLUS portfolio.)
The airlines, among the worst groups of the year, breathed a sigh of relief when Delta (DAL) reported a huge beat and raise, making me think the preannounced shortfall the other day from Spirit (SAVE) may simply show a budding bifurcation in the group.
Oh, and Schlumberger (SLB) reported, yep, something from the miserable, stinking oil patch and it rallied after showing some surprising results.
These reports are almost fairy tales in their timing because the Investors Intelligence polls were showing some real negativity, and the Chinese stock market on top of the endless calls for rate hikes and the fiasco that was Greece made us feel that all was lost.
Instead, again, with the Chinese market rallying hard, the Greek situation being resolved and the earnings coming through, we didn't even seem to care that Janet Yellen is now guaranteeing rate increases.
Oh Lordy, how things change in 10 days' time.