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"It’s been a classic year of #divergences in Global Macro risk management (Long Bond TLT +18% vs Russell 2000 flat YTD)," wrote CEO Keith McCullough in today's Morning Newsletter. "So ending it any other way than putting myself on the front line, willing to be cut to pieces by SP500 (SPY) bulls, is right where I want to be."

CHART OF THE DAY: Sell the S&P 500 | $SPY - SPX Levels refreshed