CHART OF THE DAY: Capitulation With The Pain | $SPY

Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to subscribe.

CHART OF THE DAY: Capitulation With The Pain | $SPY - 11.02.15 EL chart

... From a sentiment perspective, CFTC non-commercial Futures & Options net positioning saw the YTD highs in NET SHORT SP500 Index + Eminis from September melt-down by 72,584 contracts (covered) week-over-week.

That’s nice, because it’s a lot easier to have confidence in maintaining a bearish small cap, beta, leverage, etc. view when a consensus that wasn’t Bearish Enough to begin with (in JUL) doesn’t trust the short positions they put on at the AUG-SEP lows!