Wrapping Q2 earnings

99% of S&P 500 companies have reported Q2 earnings.  Here are a few quick hitters:

Only 51% of companies beat sales estimates, the five year average is 57%

Year over year revenue declines in the S&P 500 are expected to continue until 2016.

The Industrials were the first sector to really lag outside of energy and materials.  In this quarter, Industrials were the ONLY sector where earnings growth came in below expectations.

Consumer Discretionary continues to surprise to the upside.  It's no coincidence Consumer Discretionary ETF XLY sits at 52 week highs relative to the S&P 500?

It seems like the market isn't rewarding earnings beats this quarter, and the data backs it up. Earnings expectation beaters have seen only half as much 'earnings bump' as the last 5 years.

Natural gas producers SWN, RRC (also obviously not a pure nat gas play, but note CVX) came in with some of the worst earnings misses in the S&P 500.  

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