Editor's Note: Below is a chart and brief excerpt from today's Early Look written by Hedgeye Senior Macro Analyst Darius Dale. Click here to learn more.

I can’t stress enough that the #Quad2s you see in the Chart of the Day below are not the massive rip-roaring string of #Quad2s we saw, globally, from mid-2016 until the aforementioned peaks. Rather, they are much more akin to the late-cycle-barely-avoiding-recession-too-close-to-stall-speed #Quad2s that probably can’t handle any exogenous shock that is more forceful than a mosquito bite.

CHART OF THE DAY: A Tale Of Two #Quad2s - Chart of the Day