Bob Elliott
· Nonconsensus
· March 31, 2026 at 10:25
· ⏱ 4 min read
| Read on Substack ↗
Summary
The author argues that the consensus view among equity strategists calling for an imminent market bottom is based on a flawed and contradictory narrative. The idea that strong earnings growth, driven by high energy gains, can coexist with falling prices and no broader economic damage is described as nonsensical.
•Equity strategists are nearly unanimous in calling for a market bottom.
•The bullish case is predicated on the idea of accelerating earnings.
•The author believes the narrative is flawed, as it ignores the negative economic impact of sky-high energy gains.
•The combination of strong growth and falling prices is presented as an impossible mix.