Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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The next question is, always, what’s next? Well, since the ROC of Earnings Growth mattered in Q1 (those are Q1, pre-virus EPS reports), fully loaded with all of its divergences, the macro market is telling you it’s going to matter here, again, in Q2. Country, Sector, and Factor Exposure divergences always matter. If you want to know if these mounting macro market divergences eventually lead to a broad based (and often abrupt) and singular convergence of market risk… they do. Don’t ask a Tech futurist for market-timing on those. The future of economic cycle risk often happens faster than they think. |
