I have been bullish on stocks over the short term to intermediate term in recent months. A primary driver of this recently more constructive perspective was the fact that corporate earnings appeared to be finally accelerating out of their two-year long recession dating back to 2014 Q3. While I remain short-term bullish on stocks outside of a potentially fleeting -5% to -8% correction on the S&P 500 Index, my optimism about stocks in the intermediate term is on the wane. Why? Because the anticipated profit recovery is increasingly deteriorating with each passing week.
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