We are sure this is nothing to be worried about – and is likely just “transitory” – but just in case, here is some more recession-fiction to peddle…

Yet another weekly cut in forward earnings estimates for US equities…

Source: @Not_Jim_Cramer

But it can’t be a recession, right? Think of all those bartender and waitress jobs we are “saving or creating”…

Source: @Not_Jim_Cramer

With G10 macro-economic data suffering the worst start to a year in at least a decade, we are sure it’s nothing… just buy FANGs, lever up Biotechs, oh, and bank stocks are below book value so must be a bargain… right?