All eyes are on the meeting between President Trump and Putin. Despite the focus of this event, we doubt it will be market moving as evidenced by the unchanged equity market futures this morning. The EPS releases of Bank of America and Blackrock before the open, and Netflix after the close are likely to be more market moving as we enter the heart of the EPS season. According to Thomson Reuters I/B/E/S, S&P 500 Operating Process are likely to be up 20.9% this quarter, and nearly 22% for full year 2018. Our core thesis is based on the market moving with the direction of EPS, and that remains clearly higher.
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