A 10,000 foot view of earnings season looks a lot better this week than it did last Friday, particularly in the industrial and IT sectors. Take a closer look though and it becomes clear that a small group of standout earners, and not broad-based strength, are driving the move.

Resmed (RMD) was upgraded today by Deutsche Bank (DB) from hold to buy with a $32 price target,

 

Resmed (RMD) was upgraded today by Deutsche Bank (DB) from hold to buy with a $32 price target, as mask sales remain strong.

American Electric (AEP) was downgraded today by Deutsche Bank (DB) from buy to hold with a $41 price target, due to an uncertain earnings outlook.

Psst - Did you know that QE3 is already in force? Just because the Fed doesn't want you to know doesn't mean it doesn't exist. Here's how QE3 looks and how to trade and invest around it.

ConAgra bolsters its Canadian presence with the acquisition of Del Monte Canada.

Despite investor distrust, rating agencies can be helpful. Just be sure you use these ratings as a starting point.