Did Alcoa and CSX Kill The Double Dip Thesis? (AA, CSX)

Did second quarter earnings reports from Alcoa AA and CSX Corporation CSX after the bell today kill the "Double Dip" argument? Both companies are seen as economic bellweathers: Alcoa's aluminum is used in packaging, autos and aerospace while CSX hauls everything from metals to chemicals to coal. More important than both companies beating earnings and revenue estimates were the comments the CEO's gave about the future. Alcoa CEO Klaus Kleinfeld said, "The top and bottom line growth was driven by higher volumes from stronger end markets and continued gains from our productivity programs. Based on this improved end-market demand, we are raising our projection for aluminum consumption from 10 percent to 12 percent this year." Likewise, CSX CEO Michael Ward said, "While the economy remains dynamic, our markets overall continue to improve, and our outlook remains psotive." Both CEOs sound optimistic that future growth is sustainable given that government stimulus is waning and unemployment continues to hover near double digits. Corporate America is lean and mean. Margins are high and returning demand will produce tremendous operating leverage feeding straight to companies' bottom lines, fueling the economic rebound.