Swirlogram Shows Slowdown Is Here
Despite the hopes and greed of the marginal greater fool algo lifting equity markets to highs, Goldman's business cycle 'swirlogram' has dropped notably into the 'Slowdown' phase after a brief 6-month trip into 'Expansion'. China growth risks remain the largest weight on investors' angst (Chinese IP growth and retail sales for the January/February period were sequentially weaker, and overall disappointing) as Euro and US risks have 'apparently' fallen in the last week or two.
Chart: Goldman Sachs
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