BALTIMORE (Stockpickr) -- Sure enough, the three biggest fundamental drivers for the market this week are earnings, earnings and earnings.
All told, 91 S&P 500 stocks are slated to announce earnings this week - almost 20% of the broad market index. And of the 50 that have already reported numbers this earnings season, 41 have beaten analysts' expectations. Even so, momentum in the 2012 stock rally has been cooling since the start of April.
Those facts tell us two very important factors about the market right now: First, Wall Street is definitively underestimating corporate profits this quarter, and second, market prices are starting to fall out of synch with fundamentals.
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