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 Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

Who in their right mind was chasing FOMO US Equity Futures 1-month ago today ahead of both #Quad4 in Q3 economic data and Q3 Earnings Season?

Yesterday, one client actually thought the start to Q3 #EarningsSlowing Season was a typo at -19% year-over-year aggregate EPS growth for the SP500 Q3-to-date. It wasn’t. Only 18 of the SP500’s companies have reported so it is skewed.

Can you imagine year-over-year SP500 earnings being down -15-20% year-over-year?

If you’ve been in this business as long as I have, your imagination doesn’t have to be all that creative. Post #PeakCycle year-over-year SP500 Earnings Growth of +23% in Q3 of 2000, within a year, that’s were earnings #slowed to.

CHART OF THE DAY: Use The Ranges To Fade The FOMO - Chart of the Day

CHART OF THE DAY: Use The Ranges To Fade The FOMO - early look