Takeaway: No storytelling. Just the ugly truth of earnings and year-to-date sector performance.

Train Wreck: An Earnings Season Update  (And Why Stocks Are Crashing) - earnings cartoon 01.27.2015

So... the Train Wreck most causal to stocks crashing?

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*Note: 7 of 10 S&P Sectors have negative y/y earnings - the narrative that its all Energy = lie

 

Train Wreck: An Earnings Season Update  (And Why Stocks Are Crashing) - earnings update

A question every investor should have the answer to right now:

Here's where we're at on the Old Wall: Ex-out whatever doesn't fit your narrative - high quality journalism.

And here's the year-to-date reality.

Train Wreck: An Earnings Season Update  (And Why Stocks Are Crashing) - sector performance update

We've been clear as crystal about what we think: Markets are headed for a crash. (Watch the video below.)

Sure, ex-financials the Dow Bro isn't down as much YTD. But that's not risk management. That's fantasy.