Editor's Note

Earnings guidance is more important this cycle than in recent years. After several years of positive earnings growth we are facing the potential for an earnings decline. As of Friday the forecast for Q2 was for only 2.0% growth and dropping fast. After today's high profile earnings misses and warnings, I would be surprised if we still have positive growth estimates by Friday's close. If the forecast turns negative the market will more than likely implode. The FOMC decision and the China trade meeting this week could provide temporary lift but next week could be a disaster if estimates continue to decline.

 

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