Terminal Idiocracy: "Great News, No Economy"

The stock market had its best week since August on news that the economy is slowing and the Fed is on hold forever. Gamblers took the opportunity to double down on Facebook and shorts covered on the news. The Big Four Central Banks encouraged them to buy with both hands...

According to Factset, earnings for this current quarter only one month underway, have deteriorated 5% in one month. Which is faster than the one-year, five-year and 10-year averages. In other words, company's are announcing fourth quarter earnings and guiding down forward guidance...

Above Average Drop in S&P 500 EPS Estimate for Q1'16 to Date

I drew this neckline two weeks ago...

Ditto

Yen/S&P

Treasuries were bid all week (yields fell), only one will be right in the end, and it won't be stocks. Again...