Revenue-weighted ETFs are crushing their benchmarks

U.S equities are perched at a 2009 high and third-quarter earnings are coming in much better than Wall Street analysts expected, yet this has to be one of the most hated rallies (and earnings seasons) of all time.

The reason is pretty straightforward: The fundamentals and economics remain appalling. Companies are hitting or beating Street estimates because of a scorched earth policy on cost cuts. That's where the official 10.2% unemployment number came from. (It's probably closer to 20% if you count all the jobless folks who've given up looking for work.)