Believe it or not, we are 10 percent of the way through earnings season, with 52 companies in the S&P 500 reporting so far.
The good news, according to Thomson, is that blended EPS growth (the growth of the companies reporting, plus the estimates of the companies that have net yet reported) is 7.1%--very strong.
The bad news is that revenue growth is weak: Up 0.5%.
On the surface, this looks like all the earnings growth, once again, is on cost cutting.
But the sample size is likely too small. For example, of the 52 companies that have actually reported, earnings are up 9.4 percent, and revenue growth is up 4.5 percent, according to Nick Raich at Earnings Scout.
He believes final revenue growth will be closer to 2.5 percent; still not great, but better than 0.5 percent.
The hope is that revenue growth will move to four percent in 2014.
Of the 52 companies reporting, 50 percent have beat expectations, 13.5 percent are in-line, and 36.5 percent are below expectations
In a typical quarter over the long term (since 2001), 61 percent beat estimates, but in the last four quarters, only 55 percent have beat estimates.
Bottom line: Slightly higher number of disappointments so far.
—By CNBC's Bob Pisani