Eddy Elfenbein and Bespoke Investment Group both have commented recently on the large number of companies that have been reporting better-than-expected first-quarter earnings. Just the typical Wall Street game of lowballing and beating, you say? Maybe, but it's also worth pointing out that guidance raises also are rising, another sign the economy is on firmer footing.

Eddy Elfenbein says the market watchers and economists bracing themselves for a double-dip recession are missing an obvious clue it won't happen: Most corporations aren't slashing their payrolls.

We’re still far from healthy, but as of yet, there are few signs that the economy is actually losing ground. What really stands out in my mind is what we’re hearing from companies. Or rather, what we’re not hearing. Overall, companies aren’t announcing massive layoffs or plans of business retrenchment (though a few have, they’re exceptions).

Eddy Elfenbein peeks inside some of the broadest stock market indices to point out that investors who have soured on equity investing likely have been focusing too long on large-cap names. The remaining 20 percent of the overall market's value is where the action has been for more than a decade.