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"The US stock market has never NOT crashed (i.e. a 20% or more decline from peak – that would get you 1704 SPX from the 2130 #bubble high) when corporate profits go negative for 2 consecutive quarters," Hedgeye CEO Keith McCullough wrote earlier today in a note to clients.

Click to enlarge.

McCullough: The US Stock Market Is Going To Crash  - EL profits

Editor's Note: The chart above was featured in our recent 73-slide Q1 Macro Themes deck. If you would like more information on how you can subscribe to our non-consensus research please email sales@hedgeye.com.