Yesterday’s spasm of machine rage begs a question. After the S&P 500 has chopped sideways for 600 days in no man’s land either side of 2060, and given the baleful headwinds now gathering from all points in the global economy, there is absolutely no reason to stay in the casino.

At Tuesday’s closing level there was, at best, a 2% upside back to the May 2015 high of 2130, and a momentary one at that. In the other direction stood the prospect of at least a 40% of downside to 1300 (15X current shrinking earnings of $87/share) when the third great central bank bubble of this century inexorably bursts.

Anyway, the likelihood was that the machines would take it all back at the first chance. That was today.

^SPX data by YCharts

So why do the frogs of Wall Street stay in the boiling pot?

Some do because they are perma-frogs. Not having been boiled for 7 years, they have apparently forgotten the pain.

Jeffrey Saut of Raymond James, for instance, told CNBC today that the water is actually still a tad on the cool side. Why earnings this year are projected at $118 per share and next year’s looking like $135.

So that’s a perfect 15.4X and, besides, we are not merely heading for a second half rebound from the Q1 GDP bottom. According to Saut, public policy is fixing to get more effective and supportive of the market, too.

You could wonder, of course, whether he had Hillbama or Wild Man Trump in mind as to the latter point. Or you could just say the man feels no heat because he has wetted himself in his own Cool-Aid and be done with it.

But either way, he’s not alone. Wall Street’s sell side machinery can’t seem to let loose of its perma-hockey stick or faith that Washington’s bailout squad stands at the ready. Accordingly, punters believe they have perpetual leave to stay in the pot.

In March 2014, for instance, the street consensus was for operating earnings of $137 per share in 2015. The year’s done now, and the outcome was 37% lower at $100 per share.