See Zerohedge here.
Specifically we are looking at Bank of America, which with a forecast surge in Earnings from ($2.5) billion to $10 billion accounts for 14.1% of the entire change in S&P earnings forecasts. And since the S&P is simply the Earnings number multiplied by some multiple, all consensus views that have 1400 as their 2012 year end forecast rely on bank of America to account for nearly 20 S&P points!
I’m not which random orifice they are pulling this data from, but in the end it doesn’t matter. Projections like this are bitterly ludicrous. They will in no way ever come to fruition. BAC is currently trading under $6 a share. Relying on this insolvent corporation to account for 20 S&P points by the end of 2012 is simply not going to happen.
This is the kind of large scale movement that you need to keep an eye on. While there is nothing you can do about it, it is sound intel and should serve as a blatant warning that the disconnect between the elites and reality is wide indeed.