A strengthening US dollar is a headwind for S&P 500 earnings, but an even more significant shock is the evaporation in the price of oil the past 7 months: every dollar drop in energy sector earnings expectations is not being met with an equal rise in the nine other S&P sectors.
Here is a direct video link.
Consequently, energy earnings are devastating S&P earnings just as the latest Crestmont P/E marks the current valuation of US large caps at the 98th percentile of this fourteen-decade series; ie., the most expensive stocks in market history but for a few manic months near the tech peak of 2000. All good…
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