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Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. Click here if you'd like to learn how to subscribe and get a step ahead of consensus.

"...With ~40% of SPX constituent companies having reported earnings for 3Q, the growth data remains dismal – particularly for a private sector economy purportedly still flirting with a multi-year march higher in policy rates.     

 

...Taking a 2nd derivative view of the data, operating momentum has remained decidedly underwhelming with just 43% and 45% of companies registering sequential acceleration in sales and earnings growth, respectively. More than 50% of companies have reported sequential contraction in operating margins as well.  Our operating performance scorecard for 3Q to-date can be seen in the Chart of the Day below." 

CHART OF THE DAY: 3Q15 Earnings Scorecard --> Dismal - EL 10 27