Now that most S&P 500 companies have reported their third quarter results, what have we learned?

Over 75% of the companies met or exceeded earnings estimates
Most are also seeing rising revenues (sales)
Our economy is doing much better than many economists and stock analysts feared
GDP growth might be reaccelerating
The consumer portion of the economy is especially strong
Manufacturing has probably bottomed

Implications for and observations about the U.S. stock market are as follows:

Stocks are going higher
Many previous high growth stocks have lost momentum
Investors are seeking out greater value
Several lagging sectors are now finding interest
The stock market is still volatile, and trading can be extremely thin
Market leadership is changing

There are other observations to be made, but these cover the main points for investors. Where do we go from here? Stay invested and adjust portfolios to include previously shunned sectors and invest based upon value. Avoid the clarion call of fear; stay steady my friends.

The Lonely Bull