(1) S&P 500 revenues at new record high. (2) The revenues growth cycle is turning down. (3) S&P 500 earnings and profit margin dip from recent record highs. (4) The tax cut was a big earnings booster last year. (5) The current “earnings recession” reflects last year’s tax cut rather than this year’s weakness. (6) Weekly market fundamental indicators looking toppy after big run-up. (7) Shaving our EPS forecasts. (8) Record-high dividends.
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