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

 What’s new ROC news this morning?

  1. US Capex just entered a recession  
  2. UST Yield Curve inverted (again) on 10s/2s
  3. No follow through from the US rally in “stocks” in any other asset class
  4. 5 of the top 11 S&P Sectors are in an #EarningsRecession

To be fair, this isn’t completely new. Everything new in macro fits as a new dot on a sine curve. That sine curve is called a time-series. It rarely gets disintermediated, cyclically, by cuts and tweets.

CHART OF THE DAY: 5 of 11 Sectors Are In An #EarningsRecession - Chart of the Day

CHART OF THE DAY: 5 of 11 Sectors Are In An #EarningsRecession - early look