Tuesday, January 5, 2010
Rosy consensus v Rosie Consensus
Some excellent obsservations from Mr Rosenberg including that the stock market has managed to become a classic lagging indicator and is rallying on predctions of S and P earnings of $80 when we got $56 last year on a Jan 2009 estimate of $77. What R doesn't include are the "surprise" earnings from banks which I reckon will push us up to S and P 1250 this quarter and Dow 12000. I see GS and WFC are already rallying on the hope.