So unless one believes in infinite luck in the face of repeat overwhelming stupidity, this will likely be the Humpty Dumpty crash that we should have prepared for long ago.
For those who have better things to do than read earnings reports, the reports so far this quarter have been abysmal. As we expected, Wall Street is face down in the Central Bank feed bag and overwhelmingly preoccupied with maximizing year-end bonus. So it must come as a major irritation that so many companies are confirming that the global economy is slowing precipitously. Historically Wall Street heeded the pre-announcements and reduced equity exposure going into abysmal earnings seasons like this one, so this is Exhibit A of dangerously oblivious behaviour. The list of companies and industries reporting disappointing earnings is growing by the day, with each revelation resulting in the stock being taken out to the woodshed e.g. Google, Cummins, McDonald's, GE, IBM, Microsoft, Fedex, Chipotle just for starters. In other words the number of safe stocks and industries is dwindling quickly.
INVEST AT YOUR OWN RISK