Earnings Season Report Card

As we approach the end of earnings season, it's time to look at the report card and see which groups are showing us the best earnings momentum and which are lackluster. To simplify our sector analysis, we will look at the names in the S&P 500 only. (Wednesday we'll look at a broader universe and see whether market capitalization is mattering at all now.) We'll take the earnings surprise for each name in the index for this quarter, and weight them by market cap. This way, the averages will reflect the actual impact on the index -- which is important for all of you who are benchmarked against the S&P!

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