The Panics of 2016

(1) Hunches about 2016. (2) Looking backward and forward to more panic attacks. (3) Timely cut in outlook for earnings and S&P 500 early last year. (4) Hanging onto relatively upbeat earnings outlook. (5) Deenergized earnings looking good. (6) Energy has lost a lot of weight. (7) Dollar headwind may be offset by commodity tailwinds for earnings of some companies. (8) Labor costs remain subdued. (9) Global oil demand growth picking up smartly, but demand/supply ratio still bearish for oil. (10) China’s M-PMI not so bad. (11) A few canaries gasping for air. (12) Round up the usual pessimists. (13) “In the Heart of the Sea” (+ +).