Two short weeks ago we warned of the looming 'profit recession' in the US [5] on the heels of significant downward revisions from the Energy sector due to sustained low prices. While we assuredly will not do the 'told-you-so-dance' quite yet, perhaps all the professional hockey-stick extrapolators and 'smart money' should look away from the following three charts...
Downward Earnings Revisions are surging...
[6]
And so Forward-Earnings expectations are plunging. We are sure "it's different this time"... or just "transitory"...
[7]
And we suspect - if T. Boone Pickens timing is right - this will get much worse before it gets better...
[8]
But apart from that... BTFATH.
Charts: Bloomberg and @Not_Jim_Cramer
