Earnings expectations have been in a clear downtrend for the past year, moving from the top left hand corner of the charts below to the bottom right. Meanwhile, the majority of equity markets continue to move from the lower left hand corner to the top right of their respective charts. If you are reading this and still believe that stock markets are supported by improving fundamentals and/or increasing earnings growth, please raise your hand, then lower it onto the unsubscribe button in your email reader. Otherwise, click below for a really big chart, and be careful out there. I’m starting to think the proverbial shit is about to hit the fan. This would not be a bad time to raise some cash if you find yourself over-invested.