I don't think we disagree on the reasons the SP is in the dumps, so much as the weight we apply to each reason. While I might not put as great a weight on missing projections as you do, I don't deny that is a factor.
I've asked a friend of mine who's stock savvy and well connected to financial circles. I'll see if he gets back to me.
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it." -- Thomas Jefferson