This Is the Worst U.S. Earnings Season Since 2009

This U.S. earnings season is on track to be the worst since 2009 as profits from oil & gas and commodity-related companies plummet.

So far, about three-quarters of the S&P 500 have reported results, with profits down 3.1 percent on a share-weighted basis, data compiled by Bloomberg shows. This would be the biggest quarterly drop in earnings since the third quarter 2009, and the second straight quarter of profit declines. Earnings growth turned negative for the first time in six years in the second quarter this year.

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The oil market is cyclical and always has been. The current low price is cutting into developments, that will curtail future production and justify a future high price, which will start up development again when prices rise. It's feast or famine. There's not really any thing in the middle of those two. When it's good, it's real good. When it's bad, it's real bad. 

We did not go to war to get oil, we went to war to control the price of oil.

Oil went from $9 a barrel in 1999 to $165 a barrel in 2007.

Are you paying attention yet?

Seeing patterns are we?