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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. 

"... The “market” may not be down huge (yet), but if you’re long mainline USA Retailers like Wal-Mart (WMT), Kohl’s (KSS), and Macy’s (M), you are! That’s the thing about telling people stories about the “market” – there’s this thing called what you own within the market.

 

Macy’s (M) was down -14% yesterday after veteran CEO Terry Lundgren explained the concept of “tough comps” (at the end of a 6-7 year cycle) to everyone who was begging for him to “spin” into a REIT."

CHART OF THE DAY: #SuperLateCycle Reality, Meet Mr. Market - 11.12.15 EL chart