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Editor's Note: This is a brief excerpt and chart from today's morning strategy note written by Hedgeye CEO Keith McCullough. Click here to learn more about subscribing.

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...One of my Canadian buddies (and top competitors) was nice enough to acknowledge that yesterday and throw in the towel on the “reflation and global growth is back – so buy the Industrials and Financials” call.

Cheers to that and the following YTD returns at the sub-sector level for classic #LateCycle S&P sectors:

  1. Energy Stocks (XLE) -8.1% YTD
  2. Industrials (XLI) -5.5% YTD
  3. Financials (XLF) -2.3% YTD

CHART OF THE DAY: Here's What #LateCycle Looks Like YTD - z 07.09.15 Chart