The Earnings Picture … SO FAR
Earnings season in full swing … and despite in numbers seeing a whole bunch of dissappointments …
The companies, which people were most nervous about, come in on the better end 
Seemingly some expectations were/are that low, that it was/is hard to beat them on the lower end.
Financials and Techs leading …
Here how it goes …
Merill Lynch … analysts started weeks ago with estimates, they will have to write off around 5 bln$ in Q1 … and this number got bigger virtually “every day” … yesterday, 8 bln$ were rumoured … now, they wrote off 9(!) bln$ … and the stock rallied as analysts found some numbers, which were better and the outlook “seemed to turn” …
Tomorrow, Citibank will be the SPECIAL ONE … it started out with rumours about them to have to write off 8 to 10 bln$ … today’s latest “ideas” 23(!!!) bln$ write offs …
This will be hard to beat 
And now look at Google … market was quite bearish on them … they ended today’s day session at 449.54, down 1,2% …
BUT!!!
After hours … they beat expectations handily: 4.84/share against 4.52/share, analysts expected …
Google stock zoomed up to 526.34 after the close, around 76(!!!) Dollars, up now 16% … RESPECT 
So the corrective rallye continues … still targeting the 1400-plus level in the S&P
The ice is still thin though … as well in Europe as the Euro strength starts to bite into profits …
Tags: Citibank, Google, Merill Lynch, Q1
