It's getting tougher each day for deniers of #LateCycle reality.
"I wonder if Disney missing for the 1st time in 5yrs has anything to do with #TheCycle (it continues to slow)," Hedgeye CEO Keith McCullough wrote in a note to subscribers this morning.
Even chart chasers can digest the massive rally in Disney (DIS) shares followed by the abrupt flatlining. Note: DIS is down more than -10% from it's August 2015 peak.
By the way...
It's going to be a rough #LateCycle reality check for Macy's (M) investors this morning. The retailer printed lackluster earnings eerily reminiscent of the last cycle's rollover. (It has also already nosedived from its July 2015 peak – it's down almost -50% since then.)
It's happening around the world...
Check out European economic data:
And Italy's banking-heavy FTSE MIB leads the losers today.
Thanks NIRP!
(For more, read the FT's piece about the German regulator who called NIRP a "seeping poison." Or Spain's 50-year Long Bond issuance as growth continues to slow.)
Rouding out the morning's #GrowthSlowing flops is China's Hang Seng:
Meanwhile, there's always a bull market somewhere...
