Maybe Wall Street really is drunk. Somehow the Biblical parable ''the last shall be first and the first shall be last" is shaping up to be the dominant theme this earnings season -- at least in terms of performance.
In the past two weeks, the Financial and Discretionary sectors have dominated the market, gaining 18 percent and 8 percent respectively, versus only 3 percent gain for the S&P 500. Interestingly, these same two sectors are forecast to post the worst earnings results this quarter with consensus looking for a 75 percent and 20 percent drop in profits.
But wait -- it gets better: There's another half to this story and wouldn't ya know it? The first are indeed last!
Energy profits are forecast to rise a market-topping 28 percent this quarter, and yet in the past two weeks of the earnings season, they've found themselves in performance purgatory with a 6.6 percent decline.
Perhaps the proud have finally been humbled?
- Dow Oil & Gas Index
- Exxon Mobil
- JP Morgan Chase
- Lehman Bros.