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

For this generation of “leaders”, never has The Gravity of the unemployment cycle been more glaring. And never is a long time too.

So no matter what your money (or the many who have none of that or a job) did yesterday, what are you going to do today? Tomorrow’s US Unemployment rate could be 17-20%. Does the % matter? Will that make everything about the future “better” off the bottom?

For who? And for how long? When the jobs “come back”, will they be the same? Will America be the same?

With a renewed Chinese Trade War, a new war on the Freedom of Speech, and the Freedom to Protest war already on Main Street, has the generational war of Levered Corporate Profits vs. The People just begun? (see slide 128 for details on time and space)

Like America’s Liberty, corporate cash flows matter. They print jobs. Their beloved Fed doesn’t. Will anything ever quite be the same again, if those super-late-cycle cash flows of 2018-2019 don’t come back in a hurry, if they come back?

CHART OF THE DAY: Cyclical Corporate Market Squeeze Was Pre-COVID - 128