"A sixth quarter of negative growth (in the S&P) ties the prior record
set when Harry Truman was president, running from the first quarter of 1951 to
the second quarter of 1952.
“‘Next quarter, we’re expecting a new record of seven quarters of negative growth,’ said an analyst.
“As of the close of business Thursday, [he] calculates S&P earnings per share, on a reported basis, at a loss of $10.44 for the quarter. If financials were taken out of the equation, that deficit would drop to $2.35 a share."
So we are about to witness the first ever amalgamated LOSS for the S&P, according to estimates. Of course 80% of the red ink comes from the Financials. Have I mentioned I am short S&P Financials by way of owning SKF (ProShares Ultra Short S&P Financials)?
And I still see pundits on NBC and Fox (yes I watch both) talk about finding the bottom! The bottom of what? The toilet? I had told friends to look for the S&P to test 600 in this quarter (which hasn't come true yet). But a smarter trader I know has reset his target to 450 based on technical analysis of many charts, and I'd have to say that the Fundamentals now seem to agree with him.
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