People who think the really has all been Fed/liquidity ought to consider this.S&P earnings for 2010 were WAY ahead of expectations.
Eddy Elfenbein notes that they came in at $83.78 for the index.
I bring this up because that number would have been considered insanely bullish a few months ago. In June 2009, I noted that Wall Street was expecting earning of $73.56. One commenter at Seeking Alpha wrote “There is No Way the S&P will earn $70+ in 2010.”
In May 2009, David Rosenberg had an S&P 500 target of 600 to 840 based on earnings of $50 to $70. In January of 2010, the bears were ready to the mock the bullish forecasts of Wall Street which turned out to be too low.
Still don’t think the really was based on fundamentals?
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