Listen, I don’t want to be writing post titles like that just as much as you don’t want to be reading them. Because they hurt your brain, assuming you have a functioning one. But that’s the story of Q3 earnings season, I’m not sure how else to explain it.

Company after company with literally nothing good to say. Line ’em up – Chipotle, IBM, Googster, CAT, Nike, Intel – guidance weak, results weak, forward outlook weak – and these are the big guys. The United Rentals ($URI) – where things are just set up perfectly – are few and far between.

But the major averages don’t care. Even that non-confirming Tranny index started catching up. It’s pretty astounding.

We’re staying defensive (staples, healthcare) and high quality (Berkshire, Wal-Mart) here, I don’t trust any of the multi-nat cyclicals to have anything good to say and I can’t afford a blow-up with the S&P staying strong.

So that’s what’s up. I have no idea how long it can continue for. It seems unsustainable – but so does American Idol, and that motherf***er finds a way to keep on trucking too, so what do I know?


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