Just three things to consider: "The Fed doesn't matter?" - so just ignore the correlation between Federal Reserve balance sheet expansion (flow) and S&P 500 performance tumbling lower. "Earnings don't matter?" - because for now, stocks are entirely ignoring the three-month plunge in consensus EPS expectations. "Macro fundamentals don't matter?" - because if they did, US equity prices would be collapsing. Trade accordingly... It's the flow, stupid... It's the earnings, stupid... It's the economy, stupid... Charts: @Not_Jim_Cramer and Bloomberg