AA: First Bust in The S&P with Many More to Come

Alcoa earnings were a complete bust. Volumes fell and results came in way below expectations. Had it not been for the unreasonable rise in the price of aliminum results would have been much worse. So there we go. More results will continue coming in a lot worse and the bubble expectations on the bubble valuations in the stock market will look even more ridiculous unless the markets fall/crash in a meaningful way. The close to 40% expected rise in earnings is obviously not going to happen, but those expectations are what the current stock market is valued on and even with those high expectations it is very expensive. Here drops the first shoe that cannot be sugar-coated. Expect many others to follow suit.