It was NOT different this time...
The Citigroup Economic Surprise indicators track how well a broad set of macro-economic indicators is tracking expectations - trending positive if beating and negative if missing. For the first time since July 2011 the US indicator has dropped below Europe's and is rapidly approaching the zero-line at which point we will increasingly expect negative performance in the S&P 500 based on historical relationships between economist/analyst exuberance and the missed expectations this indicator tracks...
Charts: Bloomberg


