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"Corporate Profit Growth Slows"

4Q corporate earnings start to take front and center this week.  While the media remains focused on Europe, which just keeps on muddling along, with Draghi propping up the banks, slowing corporate profits, from Bloomberg, might turn out to be the key market story the next few weeks.  Chartwise, as long as SPX stays above its key support/resistance 1260ish area, reddish line, then bulls get the benefit of the doubt from me, see chart below, hedging Europe tail risk is cheaper with VIX lower.