Yeah, the market has been pretty brutal to any company reporting declining revenue and/or guiding lower revenue. I get the sense that most companies have decided to clean the slate and bring out all the dirty cloths now so that they can easily beat in the second half of the year,

That said, it seems that Oil may have seen its low when it touched $26 a few months ago, currently it has run ahead of its fundamentals, it should come back to the lower $30s, but I sense the worst is over, even with the Saudi’s stance in Doha.  All they need is to push oil closer to 30 to continue to get rid of the competition.

The dollar appears to have also set a bottom against the Euro, I believe that level was ~$1.06, now it stands at ~$1.14, that is a lesser head wind than the past quarter, it should continue to strengthen for the remainder of the year.  If this strengthening of the dollar continues, it should help multi-nationals, and also help put a solid bottom under the entire commodity complex. That should go a long way towards stabilizing Emerging Markets.  Then there is Europe.  It is also bottoming. China looks as if it will manage to land without a total credit collapse, if it manages to do so, that should be an added positive.

That said, I am in the same camp as you are.  The collective Feds continue to put a safety net under this fragile recovery. Yes, they continue to distort all the data  We continue to be in a mode where less bad is good.  But as time goes on, less bad may become OK, even if it takes another 2 to 3 years to get to that stage.