CHART OF THE DAY: #Earnings #Crashing?

Editor's Note: Below is brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. 

Unarguably bullish... We're obviously kidding. 

CHART OF THE DAY: #Earnings #Crashing? - 10.21.15 chart EL

"...With Earning Season underway (86 S&P 500 companies have reported) sales “growth” is -3.6% and earnings “growth” is -7.9%, so the substitution on why everyone should be levered long stocks instead of Treasury Bonds is that “it’s all priced in.” #Cool

 

...But, if you “back out IBM” … and Industrials and Financials … and you don’t back out that Energy Stocks are the best performing S&P Sector Style to be long for Q4 (OCT) to-date at +11.2%, you should be making a ton of sense to your clients."