While CNBC’s Bob Pisani prevaricates on low “high” volume rally days and “the important things,” ahead of Q3 earnings and a horde of hungry commission-takers explain to a gullible public how fundamentals are strong (ignoring entirely the massive manipulation buybacks and financial engineering) and earnings will confirm the equity market’s wisdom any day now; we thought it worth a glance at the dismal evolution of earnings expectations for Q3.
Since the start of July, S&P 500 Q3 earnings expectations have collapsed from 11.0% to just 6.4% with 9 of the 10 sectors lower and Consumer Discretionary now expected to see negative growth. But… that’s probably not the important thing, right?
h/t @Not_Jim_Cramer
via Zero Hedge http://ift.tt/1CNMJgv Tyler Durden