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We're through another week of earnings season and, as shown below, the earnings beat rate still stands above 63.1% for the fourth quarter. If the beat rate holds at this level, it will be its highest reading since the fourth quarter of 2010.

Even better is the strength in the revenue beat rate. As shown in the second chart, the percentage of companies that have beaten top-line estimates so far this season stands at 62.2%. The past two earnings seasons saw a significant drop-off in companies beating revenue estimates, but the beat rate has come roaring back this season.

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Source: Earnings And Revenues Beat Rates For Q4 2012