Earnings Recession Is Here, Does It Matter?

The weekly Market Update is posted at Alpha Baskets and includes the following;

Speaking of earnings season, Barron’s cited Voya Financial when it reported that so far Q1 earnings are down 7.2% with about 20% of companies having reported so far. In our last report we noted that earnings recessions “always” lead to economic recessions but there has never been a recession with weekly jobless claims in the 200k range.

Please click through to read the entire update.

We are continuing to make our way around northern Italy. Over the weekend we headed up to Florence.

The first picture is a panoramic of the Duomo and Cathedral early Sunday morning before the crowds hit.

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The next picture is of the Arno River in Florence.

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On Sunday we took a long drive up to Fanano where my wife’s great grandparents came from and afterwards we went to the Ferrari Museum in Modena. Holy cow. I will post more on Instagram @rogernusbaum and on my Facebook page Random Roger’s Pictures later.

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