Technology got hammered in the fourth quarter of 2018. The tech sector dropped over 17 percent during that span, and more than 20 percent from its 2018 high in September.

But as Hedgeye CEO Keith McCullough explains in the clip above from a recent Macro Show, a massive oncoming headwind in earnings may mean the worst is yet to come for tech stocks.

“One reason why any short seller is making money in tech stocks is because the rate of change in both the revenue growth and the profit growth of these companies has already started to slow and is projected to slow further,” McCullough explains.

“If you think Apple had problems guiding against their prior growth rates, wait until the whole sector does.”

Watch the full clip above to see the glaring earnings growth data.

McCullough: Worst Is Yet to Come for Tech Stocks - daily trading ranges