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Reality check. As Hedgeye CEO Keith McCullough pointed out this morning, 341 of 500 S&P companies have reported Q3 Earnings– sales are -5.5% and earnings -3.9%.

Earnings Scorecard: Not Good - 11 2 2015 EPS scorecard

In our view, this increasingly sour earnings data is further evidence that we are in the midst of a corporate profit recession and further confirmation of our macro thesis #SlowerForLonger (growth). 

Earnings Scorecard: Not Good - 11 2 2015 Recession

In related news, McCullough is watching the Russell 2000 as a proxy for slowing U.S. growth. Here's what he had to say in a note to subscribers from earlier this morning:

“Stocks are up' if you back out the 2000 stocks in the Russell which dropped another -0.4% last week to -3.6% YTD (in the Russell 3000, 62% of stocks are still -20-25% from their #bubble peaks) – reminds us of October 2007."

In closing, equity market bulls may want to consider the tweet below from Macro analyst Darius Dale:

Earnings Scorecard: Not Good - 11 2 2015 Darius earnings