To be frank it is very difficult to assess the current state of affairs, the mainstream media is clearly rattled and unsure if they should get in step behind Trump or continue to vilify him as they did prior to the election. The establishment is also clearly panicked over the election results as well as Trump’s win represents the biggest threat to the status quo in decades. Looking around and it’s fair to say that quite a few people are deeply upset over the future Trump presidency. Markets don’t like uncertainty and we know have that in spades. If the uncertainty cannot be reconciled fairly quickly it’s economic and market effects could become decidedly negative.
That said some 85% of the Standard and Poors 500 companies have reported and it looks like earnings are set grow some 14% in the 3rd quarter snapping a string of 5 consecutive quarters of falling earnings, that if memory serves will go down as the first time such a period of falling earnings failed to spark a bear market decline of at least 20%.