While bulls are anticipating acceleration in the rates of U.S. and non-U.S. economic growth and an extension in the expansion in corporate profits, the reality, based on recent high-frequency economic data, is that the global economy is slowing in its trajectory and that growth in corporate profits will tail off shortly.
This is a nonconsensus view and forms the basis for my ursine market view. Tops are processes and it is my continued view that a 2018 high in the S&P 500 Index was made in late January.
