Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Pre-virus, look at this Chart of The Day – this is Consumer Durable Goods Orders: A) #Slowing at its fastest pace to -7.4% year-over-year growth … andB) Confirming our #Quad4 nowcast for the US consumption economy in Q2 of 2020 Yes, we had that view pre-virus. All the virus does is pull the slow-down forward. Instead of repeating what some journo on CNBC said throughout the Q3 of 2019 #Quad4 slow-down (“the consumer is in great shape”), the consumer was in classic late cycle #slowing shape. |