Earnings Reports: We are now entering the third week of earnings reports and thus far the results have been less than impressive. Not “recessionary” type of results but a clear slowing trend. The first quarter reports are currently expected to be up 7.2%, versus up 30.9% in the previous quarter. The 2022 earnings for the year are expected to be up 10.2%. We do not see an acceleration in the earnings growth trend as the current expectations imply.