The disappointment on the faces of talking-heads everywhere is writ large as it appears Q1 2014 will be a flat quarter - the worst quarter in a year and a down one for the Dow. After promises of "as goes January" failed, and "it's just the weather", the promise of a magnificent H2 recovery remains firmly in traders' minds in spite of the total collapse in fundamentals during the last few months. Just how bad? Top-down economic data has plunged to its lowest in 19 months and bottom-up earnings forecasts... well, take a look...
Top-Down...
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Bottom-Up...
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h/t @Not_Jim_Cramer
Still believe it's all about fundamentals... and earnings are the mother's milk of stocks?
But... as a bonus chart, here is where the hope is...
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