The most important report in whole earnings season is tomorrow – Citigroup. The new CEO has one and only one chance to dump losses on old management (new broom). It’s a careful balance between declaring an enormous loss and send the whole economy into dump swamp or juggle the numbers and make it so-so, even good, but face slow bleeding in earnings for a year or two. I am not particularly bearish on C stock as I accept that a lot is already priced in. But the rest of the market may get a sour feeling.