Weak Earnings and Bad Economic Data Pummel Stocks – Ep. 48

* Wall Street spared blizzard only to be buried in bad earnings and bad economic news
* December durable goods down 3.4%; expected to come in at +.7
* Consumer confidence up to 102.9; contrarian indicator
* Last time consumers were this confident was in the middle of 2007
* Number will collapse when reality has a violent confrontation with perception
* P&G earnings down 31%
* Caterpillar warned
* Microsoft stock down 10% today
* UPS announced they overestimated holiday sales
* Businesses geared up for a recovery in late 2013 that was not going to happen
* Layoffs coming in 2015
* This may give the Fed an excuse to delay rate increase
* How can a strong dollar be good for America but a weak euro be good for Europe?
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