Learning from Earnings. And the only thing that matters now

Q1 earnings now in the rear-view mirror

Earnings season is more or less over and we can summarize it with one word: ok. No reason to get incrementally bullish or bearish based on Q1. Perhaps the most important thing in terms of earnings season's ability to affect equities in the short / medium term is that we are now out of buyback blackout. More on that buying at the end of this email.

The V in Q1