Headfake
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...
