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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more. 

CHART OF THE DAY: An Early Look At The Q4 Earnings Scorecard - 01.26.16 chart

"... A cyclical #Recession morphing into a revenue recession is a serious catalyst (for multiple compression).

 

It’s early, but for Q4 Earnings Season to-date:

  1. Energy Revenues (for the 4 out of 40 Energy companies in the SP500 who have reported) are -24.4% so far
  2. Industrial Revenues (for the 20 out of 60 companies in the SP500 who have reported) are -9.1% so far
  3. Financials Revenues (for the 28 out of 88 companies in the SP500 who have reported) are 0.1% so far"