(New York)

Charles Schwab, a major conduit for retail investors’ views of the markets, has just come out very bearish. The broker’s chief investment strategist is full of interesting, and bearish insights for 2019. For instance, she explains that earnings growth estimates are far too high (at 6-8%) and that an earnings recession is likely. Schwab expects a rolling bear, if not a full bear market, to continue. The broker pointed out that nearly 50% of S&P 500 stocks are now already in a bear market (down 20% or more).

FINSUM: It is pretty difficult to find reason to be bullish on shares right now. The economy seems to be past peak, an intractable trade war is growing, and a yield inversion is taking shape. That said, the market loves to climb a wall of worry.