How do those green shoots look now?The market got all a-giddy last week after Intel (INTC.O) and Goldman Sachs (GS.N) (a barometer of nothing other than its own ability to navigate turbulent markets) posted better than expected earnings, but the latest round of earnings reports points mostly to the ability of companies to tighten their belts to anorexic levels.

The Street celebrated when Caterpillar (CAT.N) reported earnings Tuesday, but the euphoria leaked out of the early market rally when investors got a second glance. Sales looked terrible as demand has plunged. They, along with Intel, Coca-Cola (KO.N), UTX (UTX.N) and others, are all using China as a crutch right now, thanks to that country’s massive stimulus package. But building earnings strength on hopes that governments will continue to spend money isn’t a winning strategy for years to come.