S&P 500 could suffer the first profits decline since 3Q09. Wells Fargo puts it like this:
This will be the most challenging earnings season since the Great RecessionBloomberg analysts consensus estimate S&P 500 EPS could see a decline of 5.8% in 1Q and the downward trend to continue into 3Q. The culprits is a strong dollar sapping corporations international profits, while poor performance by energy sector from the oil crash since 2H12 dragging down the broader market. But worry not, oil bulls have been busy. Crude oil saw a nice pop in the past two days. WTI is hovering around $53, while Brent is around $58 - $59 in this morning's trading.