CHART OF THE DAY: Late-Cycle #Earnings Slowdown

Editor's note: This is a brief excerpt from Hedgeye CEO Keith McCullough's Morning Newsletter today. 

With US Earnings Season underway, here are some early highlights (with ~20% of SPX constituents having reported – see Chart of The Day for color coded rate of change breakdown):

1. From an operating momentum perspective this is about as ugly as it’s been in recent memory
2. Only 33% of companies are registering sequential acceleration in sales growth thus far
3. Only 40% registering sequential margin expansion, and 50% seeing sequential acceleration in EPS growth