The equity market bears have now recently become S&P 500 earnings bears, and to be frank, at least in terms of Q4 '14 data, S&P 500 earnings are very strong, in my opinion.

**By the numbers:** (per Thomson Reuters as of 2/6/15's This Week in Earnings):

- The forward 4-quarter estimate fell to $120.94 from last week's $121.99, or roughly $1.05 per share.
- The PE ratio on the forward estimate is 17.0(x) the forward estimate.
- The PEG ratio is now a whopping 8.43(x), which makes sense if we look at the y/y growth rate (below)
- The earnings yield on the S&P 500 is back below 6% to 5.88%.
- The year-over-year (y/y) growth rate on the forward estimate is now just 2.02%.

In 2012, the y/y growth rate of the forward estimate fell to almost 0% by the end of September '12, while full-year 2012 earnings growth (including Financial sector write-downs) was… **Read More …**