Good Morning. Well reality is starting to surface, in sharp contrast to all the upbeat, seasonally adjusted government data. Earning season is a disaster. With such big misses from GOOG, CMG, MSFT, AMD after the bell (or before the bell thanks to a printer) it’s hard to say earnings are OK.
Aside from the game of revising earnings a week prior to reporting, when you are GOOG and miss on the top and bottom line that gets the attention of others. When Intel reports declining year on year sales or MSFT misses top and bottom line as well, you have to wonder why AAPL has slowly been selling off ahead of earnings. For as irrational as markets can appear in the short term they often seem to price in news before it hits.