Sure, the stock market is all happy. .. Earnings are positive and now companies are saying the recession is over, despite the fact that revenues are down from 15% to 30% year over year, and banks are saying “Hey, we’re doing ok”.

Yea…  Not buying it.  Here is a bit of news everyone continues to pass over: CRE is defaulting at a record pace.

CITI Bank Goldman Sachs, Harley-Davidson, Google, IBM, Nokia, Merck, Safeway and Southwest all  report tomorrow.  I believe that, without a doubt, the trend of profit with decreasing revenue will continue.

Let us revisit the topic tomorrow, shall we?

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