The latest quarterly earnings results for more than 91% of companies in the S&P 500 Index have now been officially reported.  And the numbers are starting to look downright ugly.  For what was supposed to be a quarter that would mark a turning point in the prolonged annual earnings decline dating back to mid 2014 has turned out to be another corporate bloodletting.  The bulls may believe they are investing today for an improvement in earnings in the future, but unfortunately the data is telling an entirely different story with each passing week.

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More than 85% of companies in the S&P 500 Index have now reported their latest quarterly results this earnings season. The results coming out of the past week provided us with the latest example of the fundamental contradiction that is the U.S. stock market in 2016. For while corporate earnings forecasts were once again revised meaningfully lower in the past week, stocks used the occasion to celebrate by surging to new all-time highs. Who doesn’t like to pay even more for earnings that are increasingly shrinking, right?

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