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Given dismal forecasts of American growth, plunging consumer confidence and slashed estimates for corporate profits, can any of the tools that are used to measure the markets validate the bulls?
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That has led a number of private forecasters to slash estimates of second-quarter growth.
Indeed, economists have been busily slashing estimates of Brazil's potential rate of growth the speed at which the economy can expand while keeping inflation in check.
The analyst issued her forecasts late Wednesday, after bank shares tumbled following her decision a day earlier to slash estimates for Citigroup, Bank of America, JPMorgan Chase and Wachovia, the largest U.S. banks.
But several analysts slashed their estimates yesterday, including one who halved his estimate to 34 cents a share, according to First Call/Thomson Financial.
In recent weeks, many forecasters have slashed their estimates of growth in the fourth quarter.
But predicting shale oil production is an inexact science; the authorities just slashed their estimates for Monterey reserves by 96%.
Virtually overnight, economic pundits slashed their estimates of output growth; some suggested that the economy might have shrunk between April and June.
Those long-term concerns mounted yesterday when it was revealed that some of the Wall Street analysts closest to the company – those working for the banks that underwrote the flotation – slashed their estimates for Facebook's revenues just days before its public debut.
The gossip continued as management slashed earnings estimates by at least a third.
KB Home recently slashed earnings estimates for the second time since June.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com