Forget about Facebook: there are emerging reasons to be worried about corporate earnings in US

Yes, we have traded down

Earnings season kicked off on the 3rd of January when S&P500 was trading at 4796. Admittingly, it is of course not nearly only earnings that has caused the sell-off in January, but it has for sure contributed to the slide. And on many metrics, the earnings picture has gotten worse than the recent past. Time for a focused earnings thread of what is important.