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This week, we'll reach the midpoint of the fourth-quarter reporting period and so far the results have been pretty good. As shown below, 63.9% of the companies that have already reported earnings have beaten earnings estimates. If this level sticks, it will be the highest beat rate seen since the fourth quarter of 2010.

Even better than the earnings beat rate is the revenue beat rate. As shown in the second chart below, 60.8% of companies have beaten revenue estimates so far this season. While 60.8% is about in line with the average reading seen over the last 10 years, it's a very big jump from the sub-50% readings seen in the prior two quarters.

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Source: Earnings And Revenue Beat Rates For Q4 2012