This bull market started slowly in terms of earnings, but boy have they caught up. Based on current estimates, earnings will likely continue to play a large role in shaping this cycle.

And those earnings are supported by margin expansion, which are a powerful driver for valuation. While the S&P 500 index is in the upper reaches of its valuation band, the 22x forward P/E ratio is supported by both margins and credit spreads. — via @TimmerFidelity

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