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.
https://twitter.com/KeithMcCullough/status/730360139824386048
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.)
https://twitter.com/HedgeyeRetail/status/730368295459655681
It's happening around the world...
Check out European economic data:
https://twitter.com/KeithMcCullough/status/730381025336033281
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.)
https://twitter.com/KeithMcCullough/status/730330381933752321
Rouding out the morning's #GrowthSlowing flops is China's Hang Seng:
https://twitter.com/KeithMcCullough/status/730328598335328256
Meanwhile, there's always a bull market somewhere...
https://twitter.com/KeithMcCullough/status/730332551794044928