Earnings anxiety picked up considerably three weeks ago with the Brexit vote. The concern was that large multinational corporations would use the "Brexit ate my homework" excuse to argue that there would be greater uncertainty in the second half of the year, and imply that earnings estimates would need to come down.
It's still early — only 11 percent of the S&P 500 has reported as of this morning — but three weeks after the Brexit vote there has been surprisingly little heard about an increase in global volatility. And that is one reason markets have held up so well.
And while second quarter earnings still appear to be negative, the numbers have been improving fast.