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Subject:  Earnings, Schmearnings! Date:  2/11/2013  7:44 AM
Author:  lobodoug Number:  415584 of 479890

Here are two articles by Lawrence Fuller that make a good case for a bearish near future:

http://www.seekingalpha.com/article/1160281-the-looming-rece...

http://www.seekingalpha.com/article/1170551-as-stock-prices-...

His main point is that operating earnings are coming in lower than the previous quarter, and thus it looks like 2 quarters of declines in a row. He states that when this occurred previously, well you can probably guess.... Past occurrences since 1988 (his earliest data)would be the last two quarters of 1990, the last two quarters of 2000, and the last two quarters of 2007. Hmmm. That is an interesting set of data.

I swung bullish recently because early signs were that earnings were coming in stronger. But, as we all know, companies actively game earnings reports. Operating earnings are typically considered a good means of evaluating core bus