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

What I do know is what both Chinese markets and incoming economic market data are signaling every macro morning. On this AM’s data:

A) > 50 and Accelerating: France Manufacturing (50.5), France Services (52.9), France Composite (52.6), Eurozone Services (51.8), Eurozone Composite (50.2)
B) > 50 and Unchanged:
C) > 50 and Decelerating: Australia Manufacturing (50.1), Australia Services (50.8), Australia Composite (50.7), Japan Services (50.3), Germany Services (51.2)
D) < 50 and Accelerating: Germany Manufacturing (41.9), Germany Composite (48.6)
E) < 50 and Unchanged: Eurozone Manufacturing (45.7)
F) < 50 and Decelerating: Japan Manufacturing (48.5), Japan Composite (49.8)

Hashtag “so you’re saying there’s a chance” for green shoots in France… and also an ongoing and broadening slow-down in Asia?

Yep. And tomorrow morning, instead of listening to a CEO paint blue-skies for me on an outlook he’s had wrong for a year now, I’ll do the same thing I did this morning. And then again, and again … and again.

CHART OF THE DAY: Bad → Less Bad: So You're Saying There's A Chance? - CoD EZ Mfg PMI