Just Two Charts

The 2 words "collapsing" and "unsustainable" do not conjure images of confidence-inspiring animal spirits or all-time highs in stocks... and yet European earnings expectations have utterly collapsed from their exuberant early year levels and the gap between earnings growth in the US and revenues tumbling is entirely unsustainable. But then - none of this 'fundamental' malarkey matters: we've got the Fed 'put' and the Draghi 'promise'.

 

European Earnings expectations... (down is not good)...

 

Unsustainable US earnings-revenues gap...

Thank the Lord Fed for buybacks...

 

Charts: @Not_Jim_Cramer