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Editor's Note: Below is a chart (and excerpt) from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Respect The Peak - zpeak

We already know that Facebook (FB), Amazon (AMZN), and Apple (AAPL) are guiding to cyclical slow-downs in both revenues and earnings. And that’s AFTER a record 9 straight quarters of top-down US GDP Growth #accelerating! 

How do you think these companies are going to do when the Tech Sector (66 companies in the SP500) has to cycle against the #CyclePeak EPS (year-over-year) growth rate of +32% of Q2 of 2018 in Q2 of 2019? 

Whether you’re buying speculative Tech, Momentum, or Credit you absolutely have to have some respect for The Cycle and how it will impact equity multiples and credit spreads when The Cycle slows. 

Or you don’t, and you can just get mad at me like limited-field-of-macro-rate-of-change-vision Bitcoin Bulls did. 

CHART OF THE DAY: Respect The Peak - Chart of the Day

CHART OF THE DAY: Respect The Peak - early look