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As another 2008 Earnings Season limps to a close, you'll find this chart as relevant as any other out there. Notice that we are exiting the 3rd earnings season (blue on the chart) of the year, and pay close attention to the path that the US market has taken post the previous two.

I know - everyone doesn’t "do Macro". But I also know … that everyone knows… that it matters.

If you are still levered up long, beware of this upcoming Macro Season.
KM

(Chart by Andrew Barber, Director - Research Edge LLC)