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

CHART OF THE DAY: We're Heading Into the Eye of the #LateCycle Storm - 11.03.15 EL chart1

... While the “mid-cycle” theory has been dead wrong, I’ve been hearing about wages and jobs “accelerating” for 6 months… but, as you can see in today’s Chart of The Day, we’re heading right into the eye of the storm (toughest compares) of this slowing US Labor Cycle.