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Buckle up. October could get really bumpy.

Our Macro team has been (explicitly) warning investors about Quad 4 (growth and inflation slowing simultaneously) risk. There is still a major hurdle for U.S. “stocks” and indices: companies actually reporting the reality of their less-than-stellar third quarter.

As Hedgeye CEO Keith McCullough explains in the clip above from The Macro Show, companies missing expectations and printing slowing earnings in October could be dangerous news for markets still flirting near their ATHs, especially if early trends continue.

“I think it’s a big mistake to be complacent about this earnings season, particularly with this [U.S.] dollar shooting up to new highs,” McCullough explains.

“There’s a ton of risk into earnings season. The market is rightly concerned. The main line of the movie is going to be reported on your screen daily, via earnings season.”

Watch the full clip above for more.

McCullough: Investors Are (Rightly) Concerned About Earnings - real time alerts