Earnings Revisions Breadth Is Starting To Roll Over

Worried Wilson acknowledges the S&P 500 may remain well bid near-term as seasonal strength and strong inflows from retail and other passive investors support the market in the face of a Fed , which are now tightening their policy and deteriorating earnings outlooks. However, odds are increasing that growth will continue to slow well into ’22, with supply issues the main risk to earnings. Bottom line: Mike still sees a ‘cold winter’ ahead for the market which is arriving later than he initially anticipated.