Changing EPS estimates were also strongly correlated to market returns last week. Stocks with the highest 1-month change in EPS estimates were 4.7% higher on the weak (1st decile in figure 3). Meanwhile, it was the second decile of stocks with the highest 3-month EPS change that outperformed the most last week and were 4.3% higher on the week (figure 4). Finally, out of our 30 factors, the least correlated factor to 1-week returns was oil.
Figure 1

Figure 2

Figure 3

Figure 4
