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

"... As you can see in today’s Chart of The Day, Thursday’s reading from the Chicago PMI of 42.9 December vs. 48.7 in November was recessionary. Nope, PMI’s didn’t “bottom” in October. Expectations for a Q4 “rally” in everything that didn’t work in 2015 topped in October instead."

CHART OF THE DAY: A Leading Indicator of U.S. Recessions Flashes Red - PMI CoD