06/19/19 07:58 AM EDT

CHART OF THE DAY: It's The Cycle, Silly

Keith McCullough

Editor's Note: Below is a brief excerpt from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.

Quad 4 explains why the Russell (IWM) is still down -10.9% from that cycle peak. Quad 4 economic and market conditions also fully explain why PE Powell is being pushed into rate cuts currently.

You get that the ECB, Fed, PBOC, RBA, etc. wouldn’t be either going wholesale dovish or engaged in a Currency War if:

A) GROWTH didn’t slow
B) INFLATION didn’t slow
C) PROFITS didn’t slow

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