Critical Macro Warning Signals Lining Up Today… Kevin Smith & Tavi Costa – We Believe We’re In The Early Stages Of A Bear Market

Record valuations and leverage alone do not make a market top.

Add macro timing:

-Faltering consumer confidence
-Liquidity drying up
-Negative economic surprises
-EPS growth deceleration
-Yield curve inversions
-Extreme VIX short
-China shocks to comehttps://t.co/9DrQo35QlK

— Kevin C. Smith, CFA (@crescatkevin) April 26, 2019

The recipe for a hard landing:

Historical global debt imbalances.
Record overvalued assets prices.
Faith in central banks having control of the business cycle.

Thank you @realvision for the opportunity to share our ideas.
https://t.co/VqFx67yuQv

— Otavio (Tavi) Costa (@TaviCosta) April 25, 2019