Closing Bell Overtime: Big Bear Makes a Big Aboutface 10/3/22
Closing Bell
00:00
Earnings Come Down a Lot, but the Bar Is Very Low
I don't think I ever said they were going to collapse. Estimates have been reduced by 10% for this quarter, just in the last three or four weeks. People are now much more consensus is that numbers are going to be below what we see in print. We're 1,100 points lower than when we first got bearish at 4,700. The multiple in the S&P 500, which we think should have been lower, has dropped eight multiple points. It's a lot in nine months. And we believe that ultimately we are going to have a very sharp three month rally, and we want to call it.
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