We do not see this V-shaped recovery in corporate profits.

It's the rationale of not putting all of your eggs in one basket, for not betting that (Fed Chairman) Alan Greenspan can save the economy.

If you think you can recklessly buy stocks you have to be assuming more than a V-shaped recovery in earnings -- you have to be assuming a hockey-stick shaped recovery.

We're still in a profits recession.

U.S. Corporate Profits: Outlook And Credit Implications. Up until now, this has been subdued by strong corporate liquidity positions, but with manufacturing activity expected to rev up (as hinted by the fairly strong ISM manufacturing numbers and orders growth) and margins of slack in the economy set to diminish, strong growth in capital expenditures will be needed. In turn, this should raise external borrowing needs.

This is not going to be easy folks, it's not going to be fast. Recovery is a slow, methodical process.