Editor's Note: The chart and excerpt below are from today's Early Look written by Hedgeye CEO Keith McCullough. We have good reason to believe this morning note is the best way to begin your market day. Give us a try and see for yourself!
...It’s really not that complicated. What complicates Wall Street’s narrative is the excuse making.
What always happens on the downslope of the cycle (see basic rate-of-change sine curve in today’s Chart of The Day) is that bullishly biased investors start to give you every reason why “stocks are cheap” (as both growth and earnings slow).
Then, as “cheap” gets cheaper, their performance starts to come unglued, their frustrations mount, and the excuse making accelerates. All I have to say about that is A) evolve (this is the 3rd #LateCycle slowdown since 2000) and B) stop whining.