The earnings apocalypse has not yet materialized, BobPisani says. Here's what we've seen so far.
. Everyone is now anticipating that earnings will be slashed for the fourth quarter, and that will be the impetus for another leg down in the market.
The pain trade would be that earnings come in close to expectations, which could cause the same rally that we saw after the June lows, when another expected earnings apocalypse did not happen. If you're looking for signs of a bottom, you're not going to find it in the technical indicators. Technicians were full of gloomy comments over the weekend.
"Since the expiration of this summer's bear market rally in mid-August, the balance of Demand and Supply materially weakened," Lowry, the nation's oldest technical analysis service, wrote to clients over the weekend."Historically, such patterns are signs of a stock market that is vulnerable to further intermediate-term downside," Lowry wrote.
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