Here is the big obstacle that I can see going through the balance of 2008. The S&P and many other analyst are projecting third-quarter profits to rise 14%, and fourth-quarter earnings to jump 62%.. Yesterday S&P downgraded credit ratings on Morgan Stanley, Merrill Lynch. and Lehman and the outlooks for all these firms are negative for the balance of this year, now if you ask me that is a sure sign of a solid rebound in earnings (snark).
