While the sell-side has been vociferous about the fact that earnings are troughing [6], that consensus growth expectations are not miraculous, that equities are discounting that awesome reality; it appears Goldman Sachs' 'Swirlogram" - which we initially discussed here [7] - is pointing to what we have been seeing for months [8] - a slowdown in their global leading indicator dead-ahead.
The GLI is rotating from expansion to slowdown rapidly... the drivers of the weakness are the Baltic Dry Index, Global PMIs, Global New Orders Less Inventories, and Goldman's Aussie and Canadian Dollar TWI.
[9]
This is Goldman remember... not some tin-foil-hat wearing blog...