Just three things to consider: "The Fed doesn't matter?" - so just ignore the correlation between Federal Reserve balance sheet expansion (flow) and S&P 500 performance tumbling lower. "Earnings don't matter?" - because for now, stocks are entirely ignoring the three-month plunge in consensus EPS expectations. "Macro fundamentals don't matter?" - because if they did, US equity prices would be collapsing. Trade accordingly...
It's the flow, stupid...
[4]
It's the earnings, stupid...
[5]
It's the economy, stupid...
[6]
Charts: @Not_Jim_Cramer and Bloomberg
