"Gotta love the decelerating-volume month and quarter-end markups – economic and profit cycle reality continues tomorrow," Hedgeye CEO Keith McCullough wrote this morning in a note sent to subscribers.
Here's more from McCullough:
"Germany's DAX is backing off its bear market bounce this morning with both IBEX (Spain) and MIB (Italy) backing off -0.3-0.5% - don’t forget that A) all of these economies were going to slow in 2H 2016 ex-Brexit anyway and that B) all of their stock markets remain in crash mode (DAX -23%, IBEX -32%, MIB -34%) from their 2015 economic cycle peaks."
Meanwhile in Asia...
"JAPAN: flat for the Nikkei post a few days of a centrally planned bear market bounce, still -25.4% since July 2015," McCullough writes.
But there's always a bull market somewhere...
We're the Bulls on #GrowthSlowing. Here's a look at our favorite Macro position, long the Long Bond (TLT) year-to-date:
S&P 500: +1.3%