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What Are Earnings Telling Us About the Future Direction of the Stock Market?
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We have been warning about what we felt would be a greater than expected weakness in earnings. This trend is now beginning to materialize.
Thus far, this greater-than-expected earnings weakness appears to have been overshadowed by speculation as to when the Federal Reserve will begin to reduce its bond-buying program.
Ironically, this speculative behavior by investors has led to soaring Treasury yields, which itself threatens to weaken the economy, and would thus most likely extend the Fed’s bond-buying program.