One insight generated by making use of overall leading economic indicators is that, if corporate profits are a long leading indicator, and stock prices a short one, then it stands to reason that corporate profits actually lead, rather than follow, stocks, at least when measured as a quarterly average.
Since Q4 2015 is ended, let's update this relationship, showing stock prices (blue) as compared with corporate profits (red), with both normed to 100 as of the last stock market peak in Q4 2007:
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