Traders gunned the market higher last week thanks to extremely low volume (most of Wall Street left early for the holiday weekend) and the usual performance (many funds have to record results at month end).

The S&P 500 has now slammed up against overhead resistance (red line). We are once again within spitting distance of the all-time highs.

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Against this backdrop, earnings are in a free-fall. EPS are back at 2012 levels, while the S&P 500 is 70% higher than then:

 

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This divergence is only getting worse. Of the 111 companies that have issued guidance for 2Q16, an incredible 80% are NEGATIVE.

More and more this environment feels like late 2007/ early 2008: when the economy was in collapse but stocks held up on hopes that the Fed could maintain the bubble.

The time to prepare for this bubble to burst is now. Imagine if you’d prepared for the 2008 Crash back in late 2007? We did, and our clients made triple digit returns when the markets imploded.

We’re currently preparing for a similar situation today.

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Indeed, we haven’t closed a single loser since November 2014.

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Best Regards

Graham Summers

Chief Market Strategist

Phoenix Capital Research

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