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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 learn more.

"... That’s why I’d call Energy (XLE) and MLP (Alerian ETF) stocks leading last week’s counter-TREND bounce (+4.7% and +14.4% to -22.2% and -31.8% YTD, respectively) nothing more than what it was – counter to the TREND that’s been your friend all year long.


The combination of #Deflation and #GrowthSlowing knows no “valuation” bottom, until we price in a full economic and credit cycle."

CHART OF THE DAY: A Recap Of Last Week's (No Volume) Rally | $XLE $AMLP - 12.28.15 EL chart