Goldman blows away est. Everyone is blowing away est. How do you think the 48 year old white male who has been looking for work for 18 months feels. Were are the jobs, any recovery without jobs won't last. The Fed and Goldman may push the Dow up and over 9000, but without income were going now were fast. http://online.wsj.com/home-page
I hear you, the market being up 35%+ off its lows and seeing earnings blow away estimates doesn't mean were going to see jobs come back and housing stabilize, the market isn't really making those out of work any money since most either have pulled money out of the market or are still waiting patiently for DOW 14k to break even.
What your failing to say is blowing away est's is still down big year over year. The est's have been low balled so all can beat so its a farce. if earnings growth year over year was 20-30% i'd say bravo. anyone can put the bar on the ground and beat. look at goog essentially no growth anymore yet the stock has doubled in 4 months
These low-ball estimates being blown away, just means that we are re-inflating the bubble. I'm still waiting for the bubble to pop - maybe late this year or next. Tread with caution here.
Jobs come late in the recovery but nowadays we have these jobless recoveries. It's hard to tell when /if jobs will come back... A good read is "The End of Work", it's a little outdated with some talk about the Hydrogen Economy, even the politicians have realized that is bogus it seems...