Traders and financial professionals work on the floor of the New York Stock Exchange (NYSE) ahead of the opening bell, January 4, 2019 in New York City.

The earnings picture is about to change, likely for the better, and J.P. Morgan Chase CEO Jamie Dimon may be a big help. The trading community is on edge as JP Morgan gets ready to kick off earnings season tomorrow. Analysts have been fretting that earnings have turned negative for the first quarter, now expected to be down 2.5% for , the first down quarter since the second quarter of 2016.

But early returns indicate analysts may be too pessimistic.

Look at Fastenal, a reliable but boring industrial company that makes fasteners and construction equipment, beat earnings by a small amount and gave positive commentary, trading up nearly 5% and just shy of an historic high.

Over in Europe, look at luxury goods maker LVMH, an historic high as the maker of Veuve Cliquot champange and the Luis Vitton luxury line reported first quarter sales up 16%...the rich are spending like crazy.

Overall, 25 companies have already reported first quarter results, according to Earnings Scout. 84% are beating expectations--higher than normal--and they are beating by a much wider margin than usual: 7.5 percentage points, much more than the typical 3.5 percentage point beat.