The SEC requires public companies to file financial reports on a quarterly basis, so that shareholders can have needed information about their investments.  September 30th was a quarter end for the vast majority of companies.  During the month of September, companies that expected to post results different from their earlier guidance usually guide those earnings estimates up or down.  This is called the “confession season.” 

For the first two weeks of the following month (this month), the accountants frantically work on producing the quarterly statements.  The last half of the month is “earnings season,” when companies tell us how they did and “guide” us, as to what they expect for the current quarter.

Earnings season starts today, with Alcoa first and then the rest.  It takes 2-3 weeks.  Don’t pay attention to earnings only.  We need to hear about total revenue growth, as that tells us more about the overall economy than earnings alone. 

So, you can expect to hear a lot about individual companies for the next weeks.  Maybe, that will get politics and Europe off the front page for awhile, which would be very bullish!