Are ASX stocks about to get an earnings upgrade boost in the new year?

The spectacular 10% jump in the S&P/ASX 200 Index (Index:^AXJO) in November prompted doomsayers to predict an imminent violent crash.

The ASX 200 is trading at around 20 times forward price-earnings (PE) compared to its historical average of around 16 times.

Some experts believe a day of reckoning is just around the corner as too much good news is priced into the market.

ASX stocks about to receive an earnings upgrade

But there’s one thing that these pessimists aren’t counting on. This is a consensus profit upgrade as the economy tries to escape the pull of the COVID‐19 recession.

I know it sounds a little far fetched but the ASX being in a cum-upgrade cycle may not be such a crazy thought, according to Macquarie Group Ltd