by George Leong, Investment Contrarians:
I hate to talk negatively and am usually not a doom-and-gloom type of guy like Nouriel Roubini, “Dr. Doom.” Roubini, an economist, is the Wall Street equivalent of the character Grumpy from Snow White and the Seven Dwarfs. Yet the more I see what is happening in the stock market and global economy, the more I’m becoming cynical on the stock market.
Just take a look at the earnings season so far. According to Thomson Reuters, about 50% of S&P 500 companies have reported and 67% have managed to beat the earnings estimates, but this is based on lowered expectations from Wall Street. In a normal bullish stock market, you want to see rising estimates. So, sorry folks—corporate America is not exactly sizzling. More like simmering.
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