Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
It seems left, right, and center we hear that fundamentals are currently supportive of equities. However, dismal earnings outlooks (and historicals) aside, we have seen the current pattern of macro-economic data 'outperforming' economists' expectations while stocks don't appear to fully play along before – it was mid-2008. As is clear from the chart below, the rapidity of the collapse in macro data should be greatly concerning to any and all who think there is even a possibility we go over the cliff – as, for sure, economic expectations are not priced for that at all (and stocks for at worst a modest macro weakening only).
The last time we saw a divergence between macro (higher) and stocks (flat to lower) was Summer 2008…
Data: Bloomberg
