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Editor's Note: The chart and excerpt below are from today's Early Look written by Hedgye Director of Research Daryl Jones. Click here for more info on subscribing. 

...Our Sector Heads by and large currently have negative fundamental biases towards the sectors and companies they cover. This, when combined with our macro view, continues to make us cautious (at best) about equity market returns in the near future.

CHART OF THE DAY: USD/EUR Cross Rate - Z COD 07.22.15 chart