This chart shows the fundamental reason why stocks are back at all-time highs

div > div.group > p:first-child"> The worst may be be over when it comes to pessimistic earnings estimates. And that's giving the markets some newfound confidence.

According to RBC, January"remains the low point for growth" and consensus EPS growth is expected to rebound into positive territory this current quarter with more acceleration into 2020. Lori Calvasina, RBC head of U.S. equity strategy, said based on revised estimates in recent weeks it's looking like"an earnings recession will be avoided."

Companies had reasons for a glum view heading into January. Stocks had posted their worst December since the Great Depression, and traders had partially blamed actions by the Federal Reserve. The ongoing U.S.-China trade war and weakening global economic growth helping up the U.S. dollar had also threatened to crimp profits for multinational companies.

Fundamental? Really?

I don't see a bag holder anywhere on the graph. Did I miss it?

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