SPY Massive Stampede To Exit Ahead of Earnings Season
There was an absolutely massive stampede to the exit out of the S&P 500 today ahead of earnings season kickoff tomorrow. For several months, the fundamental economic reports have been showing a slowing U.S. economy.
FactSet is forecasting a -4.8% earnings drop year over year which would be the fastest rate of decline since 2009.
The Federal Reserve is taken the U.S. economy off of life-support, and it's attempting to survive on its own. With central banks around the world devaluing their currencies which pushes the dollar up, the U.S. economy appears to be in dire shape. Earnings season which kicks off tomorrow with Alcoa will give traders insight into just how bad the rising U.S. dollar has hurt international corporations like Alcoa.
What is really troubling is the massive stampede for the exit today out of the S&P 500 as the chart shows. Notice the huge amount of sell-side volume as traders raced for the exit.
FactSet is forecasting a -4.8% earnings drop year over year which would be the fastest rate of decline since 2009.
The Federal Reserve is taken the U.S. economy off of life-support, and it's attempting to survive on its own. With central banks around the world devaluing their currencies which pushes the dollar up, the U.S. economy appears to be in dire shape. Earnings season which kicks off tomorrow with Alcoa will give traders insight into just how bad the rising U.S. dollar has hurt international corporations like Alcoa.
What is really troubling is the massive stampede for the exit today out of the S&P 500 as the chart shows. Notice the huge amount of sell-side volume as traders raced for the exit.
