While stocks surge ingloriously on the back of a credibility-less Fed (and hope that PBOC, ECB, BoJ will unleash QE-moar)…

S&P 500 forward earnings expectations are down 15 days in a row – that is the longest losing streak since the financial crisis. In fact, S&P 500 earnings expectations are down over 2% year-over-year. 

The last time earnings growth expectation swung from positive to this negative was August 2008… and we know what happened next…

Charts: Bloomberg