The world isn’t as fundamentally bleak as it was in Dec but investors shouldn’t return to their June/July/Aug mindset either (predicated on ~$178-179 in EPS and a 17x multiple) as the macro backdrop did deteriorate in CQ4. Thus the outlook remains the same – a ~$173 EPS number coupled w/a 16x multiple points to the SPX getting to ~2725 but neither of those numbers leaves much room for error and the upside from here isn’t particularly compelling. It would be healthier if this rally wasn’t as violent and linear as it’s been but the SPX seems intent on getting to ~2700-2750 as fast as it can.

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