Does this look like the earnings picture painted by a thousand talking heads on financial news networks?
As Goldman reports,
The positive 3Q earnings surprise is in stark contrast to negative revisions to consensus 4Q 2014 and 2015 earnings forecasts.
[5]
Consensus 2015 EPS estimates for the Energy sector fell 3% in the last week alone.
[6]
Forecasts for most other sectors are also falling but the magnitude of revision is smaller.
[7]
So apart from that - yeah, earnings look great!!
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But then what do fundamentals matter anyway, when we have "Mr. Bullard" to reassure the market...
[8]
Which is odd, because bonds and credit seem to be 'understanding' the fundamentals...
[9]
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Trade accordingly
Charts: Goldman Sachs and Bloomberg
