One of the most frequently cited risks to stocks in 2023 is 'overstated' 😑

Plus a review of the macro crosscurrents 🔀

Analysts have been cutting their earnings estimates for months. Some expect even deeper cuts. (Source: FactSet)

Stocks fell last week, with the S&P 500 declining 3.4%. The index is now up 9.9% from its October 12 closing low of 3,577.03 and down 17.9% from its January 3 closing high of 4,796.56.

Last week I published a roundup of Wall Street forecasters’ …