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Takeaway: Just a few months ago "accelerating" economic data signaled a bottom in equities, according to Old Wall economists. Yeah, well, not so much.

Crash Mode: Shanghai Composite Casino Down -44% Since July - China cartoon 01.07.2016


That's the most appropriate word to describe supposedly "accelerating" economic data around the globe a few months ago. The headfake is becoming more evident and is taking the hatchet to some global equity markets.

Below is analysis via Hedgeye CEO Keith McCullough in a note sent to subscribers earlier this morning: 

China evidently has not 'bottomed' – neither the made-up Chinese data nor the stock market is healthy right now; Shanghai Comp hammered for a -2.8% loss overnight and remains in #crash mode -44% since July of 2015 (Italy -26% and Nasdaq -10% since then)


Here's the Nasdaq chart...

And Italy...