Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. 

New Year, same number on the scoreboard – another new ALL-TIME closing high for SPY (its 70th in the last year). No matter what your “narrative”, that’s what happens when you have:

A) Accelerating GDP GROWTH … and
B) No Fed Policy Mistake

Yep, 100% of the people who went bearish (on #Quad2 Long exposures) before the US economy re-accelerated in October got the most important thing in macro wrong. You know what that is – it’s The ROC baby – the rate of change of Real GROWTH.

CHART OF THE DAY:  New Year, Same Number On The Scoreboard - elle2