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Takeaway: Careful out there.

With U.S. #GrowthSlowing sequentially, sentiment is reversing some. Some.

But is consensus bearish enough right now? Nope.

This morning’s II Bull/Bear Survey is still +3780 basis points wide to the Bull Side (53.1% Bulls, 15.3% Bears). Meanwhile, the VIX has broken out over 14.91.

Bearish Enough? Nope. - VIX

Bottom line: People aren't bearish enough, particularly if growth continues to slow. 

Editor's Note: This is an excerpt from Hedgeye CEO Keith McCullough's pre-market morning research. For more information on how Hedgeye can help you prosper and learn click here.

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