US Macro data has collapsed to 12-month lows with 38 data 'misses' and only 6 'beats. Earnings expectations have plunged most since Lehman (over 5% in the last 3 months) hovering at 10-month lows. So it makes perfect sense that, unless we see a late-day collapse today, the S&P 500 will post the best monthly performance since October 2011. Macro... Earnings... February... MISS Personal Spending Construction Spending ISM New York Factory Orders Ward's Domestic Vehicle Sales ADP Employment Challenger Job Cuts Initial Jobless Claims Nonfarm Productivity Trade Balance Unemployment Rate Labor Market Conditions Index NFIB Small Business Optimism Wholesale Inventories Wholesale Sales IBD Economic Optimism Mortgage Apps Retail Sales Bloomberg Consumer Comfort Business Inventories UMich Consumer Sentiment Empire Manufacturing NAHB Homebuilder Confidence Housing Starts Building Permits PPI Industrial Production Capacity Utilization Manufacturing Production Dallas Fed Chicago Fed NAI Existing Home Sales Consumer Confidence Richmond Fed Personal Consumption ISM Milwaukee Chicago PMI Pending Home Sales BEAT Personal Income Markit Services PMI Nonfarm Payrolls JOLTS Case-Shiller Home Price Q4 GDP Revision (but notably lower) * * * But apart from that... everything is awesome.