Revenue is the most important factor and trumps earnings per share and sales in terms of market predictability. I would consider the earnings report from GOOG and AMZN and the market reaction to them, to be most important for the short term direction of the market. Coach d often draws a comparison to today and the 1999-2000 period. Having worked those years in the industry, like yourself, I see a few similarities but certainly not the mania of that time. Also look at the performance of IPOs lately, nowhere near 1999-2000. If anything that seems similar, is the willingness of corporations to push ethical bounds to give Wall Street what it wants (share buybacks, non-GAAP reporting, mergers and acquisitions). These activities are more indicative of late cycle activities. The questions that has not been answered is do we have one more push higher? Possibly, but one is picking up pennies in front of a steamroller.