Having destroyed any remnants of the "it's earnings that matter" meme [5], we thought the following chart would clarify just how bad the outlook for Q4 EPS is. As Factset notes, "the decline in the bottom-up EPS estimate recorded during the course of the first month (October) of the fourth quarter was higher than the 1-year, 5-year, and 10-year averages." That is not a 'good' thing..
[6]
h/t @Not_Jim_Cramer
Though one wonders what reality stocks will move on as "Earnings don't matter (anymore)"
Fundamentals or Central Bank liquidity!
and haven't done for a long time...
[7]
Charts: Citi, Factset, @Not_Jim_Cramer
