Another point on earnings, which I haven't emphasized enough in my previous writings, is that the main culprit of earnings pain is commodities. Oil prices, copper prices, iron prices, down, down, down.
You can see that while commodity-linked earnings are doing a swan dive, the S&P 500 ex-energy is holding up much better. Still down. But much better.
I don't expect a big change in Q1. I do expect improvement in Q4. Your view may differ. Good luck, however you stand on the oil trade.
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