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With earnings season now upon us after Alcoa (NYSE:AA) reported last night after the close, we have updated our chart that shows the S&P 500 cumulative returns during and outside of earnings season since the bull market began. As shown, almost all of the market's gains have come during the earnings off season. (Our earnings season is from Alcoa's report to Wal-Mart's report.) We have, however, managed to make gains during the last two earnings seasons, with the S&P 500 going up 1.03% and 2.94% respectively.

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earnings season