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Hedgeye CEO Keith McCullough wrote in today’s Morning Newsletter: “Risk happens fast. With the social media stock bubble crashing (single stock moves have been down -20% to -45% from their all-time peak), the Nasdaq is already -5.3% off its YTD high.”

Yikes. We went from “Bubble Overbought” (another note from Keith last week) to bubble popping, fast.

So, we asked you in today’s poll: Is the Social Media Bubble bursting the beginning of a broader market decline?

At the time of this post, 57% responded YES; 43% said NO.

Of those that voted YES, they said that the economy is slowing; people are running out of money.

One specifically noted that, “Inflation will reduce purchasing power for citizens and reduce top line revenue for consumer staple names. People on [government] assistance and fixed incomes won't be able to keep up with food prices and energy. GDP will fall precipitously.”

A few humorously explained, “This time, everyone will be able to tweet their dismay and Instagram their monthly statement.”

And: “The decline in the S&P will start in the next couple months, then Yellen will pump it back up, singing: ‘That's why I’m eaaaasing, I’m easing like Sunday morning.’”

Conversely, one NO voter felt that the Fed wouldn't “let the market fall too far.”

Hedgeye Managing Director Moshe Silver also argued NO, summing up that “In the short term, the social media froth will probably lead lots of frothy sectors lower; for the longer term, the next 12 months-plus, we are not on the brink of a broad bear market. There’s too much fear and uncertainty in the air to get outright bearish, plus the presidential campaigns will start this year, [which is] good for stocks.”

But, as Keith says, “I have no love for the bubbles - social or otherwise…Not buying this pullback was a risk managed choice.”