All ten sectors[of the S&P 500]have recorded a decline in expected earnings growth since the beginning of the quarter due to downward revisions to earnings estimates…– John Butters, FactSet
I guess declining earnings estimates for America’s biggest companies are the perfect reason for the S&P 500 to have popped 1.22% today. The S&P 500, like has with Swiss watch mechanical precision for over three years, has bounced off its 50 day moving average and is hurtling toward another all-time high.
Meanwhile, by almost all economic reports not connected to the NAR or Government, the economy is beginning to collapse. Has anyone besides me noticed that the everyday at least one new economic report is released that shows a decline which is compared with what happened in 2007-2009?