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

Not one of the economists or strategists calling “the bottom” called the topping process of a 129 month old US economic expansion – they certainly didn’t call The Crash of 2020 like we did either.

But, it’s all good. Until it isn’t. This sell-side proctologist job of bottom-picking smells a lot like the one I observed from my buy-side desk during 2000-2001. As you can see in today’s Chart of The Day, that was at the end of a 120-month US expansion when:

A) The US Profit Cycle Peaked at > 20% year-over-year SP500 Earnings Growth… and
B) The US Corporate Credit Bubble peaked as a % of GDP just like it did in 2019-2020

My reply to their reply: Double Bubble, again, 20 years later.

CHART OF THE DAY: The Curtain Falls - 91