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Chart Of The Day: It's The Earnings Stupid

The S&P 500 is trading around 1950. It has traded at that level numerous times in the last 18 months.

During that time, consensus earnings expectations for the S&P 500 have plunged...

 

In fact - since the start of the year - when stocks were at exactly this level, earnings expectations have tumbled almost 3% non-stop??

It appears the mother's milk of markets is rapidly drying up.