CHART OF THE DAY: Banks Begin Slowing Purchases → S&P500 Peaks

07/19/22 07:36AM EDT

Below is a chart and excerpt from today's Early Look written by CEO Keith McCullough. 

It’s still very early in Earnings Season, but here’s the real-time update on what’s been reported:

A) 39 of the SP500’s companies have reported an aggregate year-over-year EPS DECLINE of -14.5%
B) 15 of the 61 Financials in the SP500 have reported a year-over-year EPS DECLINE of -30.2%

“Great quarter guys.”

Lol.

Since I was stuck in traffic yesterday until 9AM, I had the opportunity to listen to a bloviating (and bullish) Joe Kernen ask Cramer for his hot take on “why stocks were up” (Friday and pre-open Monday).

He said “Wells Fargo and Citi – phenomenal quarters!” (or some pablum like that).

CHART OF THE DAY: Banks Begin Slowing Purchases → S&P500 Peaks - ut

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