Price change will occur when share value changes, either through higher or lower earnings.  People buy stocks because they believe the shares will be worth more in the future, and they sell them because they believe there are better opportunities in other companies.  Price change will also occur when money shifts from one asset class to another.  I think that both factors are at play right now.  Money is coming out of bonds and flowing into equities, and earnings are increasing at the same time.  The question I want to answer before I buy or sell is is how much of the increase is due to higher earnings and how much is due to money inflows.  On a practical level I'm not sure your premise is very helpful in determinig the answer I seek.