After The Biggest Pre-Season EPS Cut In Three Years, Here’s What Matters During Earnings Season…

This may be wholly self-evident/tautological, but in light of the contention (parroted across some desks) that the "micro fundamentals will take over from here", I think it's worth reiterating. This is still, generally speaking, a macro-driven market. Admittedly, I'm predisposed to thinking that about all markets, all the time, but as detailed extensively in "Is This A ‘Reflation’ Day Or A ‘Growth Scare’ Day?", the mood on any given day is driven almost entirely by whether the nascent "