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Editor's Note: Below is a special excerpt and chart from today's Early Look written by Hedgeye U.S. Macro analyst Christian Drake. (Yes, we think you should seriously consider subscribing to the Early Look. A dollar a day to stay ahead of consensus? Best deal around)

CHART OF THE DAY: Current Valuations Richer Than Any Point Except Nose-Bleed Tech Bubble Highs - z d7

CHART OF THE DAY: Current Valuations Richer Than Any Point Except Nose-Bleed Tech Bubble Highs - z CoD 2