Not necessarily. Saldanha adds: "The problem you have right now is that equity valuations (particularly in the U.S.) don't leave much room for disappointment (i.e earnings growth is getting priced in) so for markets to push higher from here essentially we need to see evidence of earnings coming through (i.e it's a show-me quarter)."
Peter Garnry, Head of Equity Strategy at Saxo Bank is equally cautious: " We are slightly bullish on equities, but worried about valuations because it makes equities vulnerable to shocks," he wrote in a note.
He adds the Q3 earnings season is important as "analysts are expecting 38 percent and 20 percent EPS (earnings per share) growth in MSCI World and S&P 500 respectively over the next 12 months - driven by lower base effects from USD and oil prices", but he thinks it "still seems like an elevated target". Against this backdrop, Garnry argues "equities are not particularly cheap even on a strong EPS (earnings per share) comeback.
And some think the candy - sorry - earnings investors are getting on this side of the pond are not so sweet to begin with.
Goldman Sachs' European Equity strategy team wrote this month: "European profits have not recovered since the global financial crisis, neither in terms of level nor pace. Earnings estimates have been revised down by 11 percent since the beginning of the year, which is the largest revision the market has seen since 2009, questioning the credibility of earnings estimates."
The team says the underlying reason for this is the sector composition of the Stoxx Europe 600 in which financials and energy are heavily overweighted in relation to their actual economic significance. Second, buybacks have not given European stocks as much of a tailwind as they have done for their U.S. peers. And third, it is deflationary forces in the stock market.
Bottom line, it seems if you want to avoid a spooky surprise this Halloween, you may not want to bet on earnings to be the catalyst to drive equities higher. Alternatively you can manage your expectations for returns, whether it is your own in the stock markets or your kids' when it comes to Halloween. They might learn a lesson they can use later in life.
Carolin Roth is anchor for Street Signs as well as covering the Swiss market for CNBC. You can follow her on Twitter @CarolinCNBC.