In November we showed a chart [4] showing the yawning chasm of exuberant faith-in-Draghi hope that was 2013-to-2014 earnings growth expectations in Europe. At the time we remarked - now prophetically - how it would seem Draghi's "whatever it takes" confidence-inspiring orgy of European asset-buying had driven the EUR almost 20% higher from the 2012 crisis lows... and in the meantime had crushed European competitiveness. The hockey-stock hope at the end of 2013 has not materialized - surprise - in fact earnings growth expectations have utterly collapsed in the last 2 months... time for a "whatever it takes" to weaken the EUR jawboning soon (all without the aid of a fallacious and Treaty-busting OMT).
Here is the hockey-stick of European earnings growth hope/hype from the end of 2013... (the green arrow shows the gap between reality and future hope for 2013 and 2014)...
[5]
Fast forward 5 months and this is what that black line has become!!!! Earnings growth has collapsed...
[6]
h/t @Not_Jim_Cramer
"Whatever it takes" might just have to morph into "Just sell it all"