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'Weather' true or not, winter excuse wearing thin

Jin Lee | Bloomberg | Getty Images

As winter fades to spring so will the ability of companies to keep using the weather as an excuse for weak performance.

Blaming the snow, ice and freezing temperatures for softness in economic data and some high-profile earnings misses—such as Wednesday's FedEx disappointment—has been easy money for Wall Street.

Investors, in fact, have almost completely dismissed most negative news, whether it's out of earnings reports, economic data or tensions between Russia and its neighbors.

"It seems that the Street is very obsequiously willing to excuse anything and everything on the weather or whatever just to give an excuse to buy more stocks," economist Michael Pento of Pento Portfolio Strategies said. "It seems very silly to me."