FactSet is forecasting a -4.8% drop year over year which would be the fastest rate of decline since 2009.
The 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. 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 as traders raced for the exit.