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Editor's Note: The following chart and excerpt are from this morning's Early Look written by Hedgeye CEO Keith McCullough. If you're tired of lousy market research and commentary we encourage you to subscribe today.

CHART OF THE DAY: Newsflash! Deflation Is a Headwind - z x Chart of the Day

...How about this Chart of The Day? This shows you the classic go-to-move for my Old Wall buddies - back-end loading earnings and revenue estimates into Q3/Q4. Given what’s happened to macro markets in the last 3 months, good luck with that.