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This divergence can 'only end in tears’: Investor

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The past several years has brought rather impressive earnings growth but little in the way of economic growth, which will eventually lead to a major problem for stocks, argues Gina Sanchez of Chantico Global.

Earnings and economic growth "should be related, and divergences are eventually brought back into line — so the excess money floating around since 2009 has created a divergence that will only end in tears," Sanchez said.

Her belief is that the stimulative policies of the Federal Reserve, combined with the machinations of corporations, have led reported earnings to become over-extended. This even as the looks set to log its second-consecutive quarter of negative year-over-year earnings growth in the third quarter.

"What's driving earnings, in my opinion, has been unsustainable — and that's what we're going to have to deal with," she said Tuesday on CNBC's "Trading Nation."

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But Erin Gibbs of S&P Investment Advisory doesn't espy a divergence between earnings and GDP that presages lachrymosity.

"We found that, actually, earnings growth is typically much higher than GDP growth. Earnings growth tends to stay around 10 percent, and GDP growth is around 2 to 3 percent," Gibbs said Tuesday.

And in fact, with earnings growth now turning negative thanks in large part to the decline in energy prices, Gibbs says it's likely that an earnings rebound will be ahead.