Pre-Announcement Season Underway

Earnings seasons gets going in earnest soon, but right now we’re in the heart of pre-announcement season. Alcoa (AA0 announced layoffs and a production rollback, Time Warner (TWX) just announced a massive writedown as well as a worsening ad market, and now Intel (INTC) says its Q4 revenue will be down 23% from last year, or 20% sequentially. That’s what you call falling off a cliff.

Now the rally will be tested.

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