These 2 charts show the stock market isn't in as bad a spot as some bearish investors might think

• Bearish investors often point to two charts to confirm why they are negative on stocks.
• But according to Ed Yardeni, the bears get it wrong as they misunderstand what really drives stock market performance.
• "We think that the stock market's trend is driven mostly by the trend in earnings," Yardeni said.

There is a lot of doubt about where the stock market goes from here as investors worry about everything from a potential recession to a debt-ceiling impasse that leads to the US defaulting.