S&P Has Been Rising With Negative Earnings Pre-announcements Since QE2 (Two Years Straight)
Look at this amazing FactSet chart via Business Insider today. As you can see, usually the market goes down when there are negative earnings pre-announcements (see 2007 and 2008). But ever since QE2 was announced by the Fed in August 2010 (and then Operation Twist and QE3), it looks like the S&P 500 and negative earnings pre-announcements have been rising in tandem for two years straight (except for Q1 2012). Wow.