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

It’s still early in Q3 pre-announcement season but currently the implied #Quad4 US Earnings Crash is from +7% year-over-year SP500 Q2 aggregate earnings growth to -14% post the FDX and Ford (F) guides.

No matter what the Fed says tomorrow, they aren’t going to change the gravity of company P&L dynamics heading into Q4.

CHART OF THE DAY: Gravity of Company P&L Dynamics Heading Into Q4 - juj