So far this earnings season, the more than 2,000 stocks that have reported have averaged a gain of 0.49% on their earnings reaction days. (For a stock that reports in the morning, its earnings reaction day is that trading day. For a stock that reports after the close, its earnings reaction day is the next trading day.)

Below is a chart showing the average 1-day price change in reaction to earnings by quarter since 2001. As shown, this quarter's reading of +0.49% is actually set to be the strongest since the Q4 2014 reporting period when the average stock gained 0.55% on its earnings reaction day.

Even though expectations for earnings have gotten dramatically more optimistic over the last year, stocks have still managed to react positively to their earnings reports for three consecutive quarters.