SPXT - Can The Bulls Defy The Odds Of September Weakness?

• Through the end of this year, companies will guide down earnings estimates for a variety of reasons. Such will leave investors once again “overpaying” for earnings growth that fails to materialize.
• With employment returning well into what is historically considered “full employment,” surge in job openings, and rising inflation, the need to taper is evident.
• On Thursday, both the Atlanta Fed and Morgan Stanley slashed their estimates for Q3 growth as economic data continues to disappoint.
• Internal measures continue to deteriorate, suggesting a rising risk profile to the markets. Unfortunately, investors continue to ignore these warnings due to the “fear of missing out."

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