US earnings are still at a record high, well above their historical trend. Could this lead to a new market cycle?

This could lead to a new market cycle. pic.twitter.com/XXFtaSxhrb

— Alpha🐺 (@Market_Alpha_) January 24, 2023

M2 just updated (H.6), down again, and from what I can tell the first negative YoY % change ever! pic.twitter.com/eBSfGSytLB

— Randy Woodward (@TheBondFreak) January 24, 2023

All eyes on Microsoft but, this is also one to take notice of:

Capital One $COF

Provision for credit losses $2.42B vs FS $1.88B
Net charge-offs $1.43B vs FS $1.32B

Credit cards are in trouble and companies are bracing for impact.

— Ayesha Tariq, CFA (@AyeshaTariq) January 24, 2023

Between 2000 and 2002 the Nasdaq rallied 15%+ in 8 different occasions until the final bottom was reached

In some of these 8 occasions the rally was as big as 40% from the local lows

Long-lasting bear markets come with massive rallies

Don't confuse them with new bull markets

— Alf (@MacroAlf) January 24, 2023