Barclays: Bull Market Won't Last As Debt To EBITDA Soars

Recent economic data has been supportive of the advance in equities since the beginning of July, however, many of the important fundamental trends that are usually supportive of a prolonged late-cycle rally are absent, which suggests that the rally is built on shaky foundations — that’s according to a report from Barclays on the state of the US equity markets. New Stock Market Crash Inevitable? Barclays US Equity Strategy analyst Jonathan Glionna and team have looked at the data from the last three prolonged late-cycle S&P 500 rallies (1988-89, 1998-99, and 2006-07) and found that in each case there have…