Analyst consensus is now forecasting the fourth quarter to bring 9.6% of S&P 500 profit growth, nearly 50% lower than the same eternal optimists had forecast at the beginning of 2013. Meanwhile QE-juiced stocks have so far refused to discount a much lower growth world, instead surging 18% higher year to date. As Monty Python would say “now we bring you the second half of the show”. So far, heading into the third quarter, companies have guided negatively by a 3-to-1 ratio, ahead of the historical average.
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