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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by our Director of Research Daryl Jones. Click here to learn more about the Early Look.

While only 25 companies have reported so far, earnings for the SP500 are coming in down a nasty -10.9% so far in the quarter.  This of course jives with one of our key Q3 Macro Themes, appropriately named (and hash tagged) #EarningsRecession

In part, of course, this is related to tough comparisons and as the Chart of the Day shows, earnings growth comparisons for Q2 and Q3 are very challenging.  Now what doesn’t jive is a stock market up double digits and earnings down double digits . . .

CHART OF THE DAY: Earnings → Toughest Comps Ever - CoD Earnings Growth Best Ramp Ever