Beat-and-hold not lifting markets

Evercore strategist Julian Emanuel digs into why a pretty good first-quarter earnings season, in which results have topped estimates by nearly 8%, aren't boosting the market. For one,

the current trailing 12 month price-to-earnings ratio is 23 -- a level at which the average forward one-year return is zero. Another issue is the recent falls in economic surprises, combined

with cautious consumer and transport sector commentary, conjure thoughts of 'When is too much of a good thing too much,'" he says.