The Market Decline Is Due to the Fiscal Cliff ...

Here is a "what if." What if the correction is not due solely to the fiscal cliff? We are all worried about it, and the commentary is never-ending (and I will throw in my next two cents again Monday), so of course that must be the cause, right? As a few folks have pointed out, what changed from a day before the election to a day after? The cliff should already be priced into the market, since its approach was obvious for months. Why would it suddenly matter now?

There are always other forces at work in the market. Perhaps they are equally important? I won't claim to know all the forces in play, but one factor I have been tracking for months is the revision trend in the market-earnings estimate for 2012 and 2013. I discussed this in a post last month, "This Is Probably Unsustainable."...199 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.