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Analysts' pie-in-the-sky earnings estimates for 2017 to come crashing down, strategist says

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CFRA told clients the market may decline this summer as Wall Street reduces its corporate earnings estimates in the coming months.

The S&P 500 is up 10 percent since the Nov. 8 election through Wednesday.

"Our concern is that the earnings estimates move lower, and not higher near term, which could be a challenge for the market during the seasonally soft summer months (frequently referred to as the 'sell in May' period)," investment strategist Lindsey Bell wrote in a note to clients Thursday.