From the Commerce Department, GDP @ 2.2% and Corporate Profits declined in Q4, breaking a long trend up.  That is a major concern.  Here is a blurb from DoC (click to expand) and here is the full report.

Click on picture to enlarge

Hello economic deceleration, AKA NFTRH’s number 1 big picture theme, which with the patience of an elephant we have kept intact due to our macro tools, including and especially this one showing gold (counter cyclical) vs. commodities (cyclical).

Implications for the stock market if corporate profits continue downward?  Cue the chart of charts…

Adjusting for time frame it’s a little better but regardless, a decline in the corporate profits trend is “not gonna be good for anybody” (ref. Seinfeld Fried Chicken episode).