S&P largest earnings drop in decade ex-oils?

Interesting read:

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aB50jeKPl7gE#

 

if the S&P doesnt go down along with the earnings it will be the first time in history you had PE expansion with a bottom at 16-17PE, im talking about 1-10 year time frame here

 

I think its rather amazing and under-reported, without oils earnings are down 30%??

 

S&P earnings without oil? Why aren't you guys complaining about this like you complain about CPI/PPI ex oil and food?

 

Guess the effect on the Dow would be similar, Chevron and Exxon are part of it.

 

The market doesn't care about earnings since companies have been coming out for months and lowering expectations. Actual earnings look great since the numbers have been bumped to a point they are guaranteed to beat. It is the only reason for the rally the past couple months. Earnings in the financia and consumer sectors were not as bad as everyone thought due to lowering guidance prior to the releases.

Once we start seeing some real numbers the market will correct in a big way. I am estimating we will see these numbers next quarter.