"At least 10 companies this week alone have lowered outlooks for the second half of the year"
"S&P 500 companies are expected to show a decline in EPS of 2.12%...that would be a sixth straight quarter of decline. As recently as the end of March, analysts were expecting EPS growth of 3.2% for the quarter"
So the "analyst" estimate is only off by -170% on a relative basis in 5 months. I really trust these jackasses with their magic 8 ball forward PE estimates. Which extrapolate the asinine into the indefinite future. Deja Vu of 2008, those estimates will go from 18 PE to 180 PE in one nanosecond called "holy fuck, we're serial idiots..."
Companies are now imploding, across all income levels...