Earnings Season--10/12/2017

Well, earnings season is upon us again.  JP Morgan announced today and handily beat expectations.  However, the stock is down a bit.  This tells me the market has baked in some pretty darn good earnings numbers.  With this in mind, I wouldn't expect this batch of earnings to really drive the market higher.  HOWEVER I would expect a company that misses earnings expectations to be severely punished, given what the market has already priced in.