Forget the Scalpel, Go for a Machette!
What a title, I stole it from Bespoken.
It is about the degree to which analysts are downgrading their projections. If you look back at my blog, I stated why I was a banking bear at the beginning of July. I talked about why I was going to be taking my time and really think through doing anything in the market as I ended my first year in the market last July. I am sure that I have stated a few times that I think smart money has been selling into strength.
I also know that I've been a complete bear all over the fool saying that I think earnings are going to have a major squeeze going forward for a few months now. It appears analysts have jumped onto the downgrade bandwagon. Bespoken has an interesting read about the degree to which estimates have been downgraded.
Be safe, the first rule of investing is to preserve capital.