TPC has a good post on Morgan Stanley’s bearish call on the stock market.

In essence, analysts currently expect 2010 record profits in 4 of 10 sectors, record ROE for the S&P 500 and record profit margins.  Just two years out of the worst financial crisis in 75 years and the analysts are calling for all sorts of record setting earnings?  Does that seem far fetched?  It certainly should.

Apparently the tide is turning from setting the very easy-to-beat earnings forecasts of this present earnings quarter to earnings forecasts which will prove impossible to achieve in first quarter 2010 and beyond.