Snow Job: The Inappropriate Bullishness on Profits

NEW YORK (Real Money) -- Similar to this past weekend's brutal blizzard, the interpretation of fourth-quarter 2012 U.S. corporate profits and the expectations for prosperity in 2013 is another big snow job. The current disconnect between stock prices and the slowing pace of earnings growth is reminiscent of the second half of 2007. The difference between then and now is 2007's emerging weakness was centered in the financial sector. By contrast, in late 2012 and expected in early 2013, the profit weakness is more broad-based.