Market Preview: Feel the Fear

NEW YORK (TheStreet) — So what exactly is going to bring investors back after a May like that?

Thursday’s last-minute wipeout was a fitting end to a beyond ugly month, and all the same questions — Greece, Spain, the fiscal cliff, what happens when Operation Twist is over? … take your pick — remain.

Corporate America is holding up okay. First-quarter earnings season was better than expected and the forward price-to-earnings multiple for the S&P 500 isn’t out of whack at 12.5X, but there’s some reason to worry. Earnings estimates for the second quarter have come down in the past month, according to data from Thomson Reuters, which says analysts are now expecting profit growth of 7.4% vs. 9.2% on April 1. …

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