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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.

"... As you can see in today’s Chart of The Day, when it comes to unconventional monetary policy, the key divergence to focus on is the delta between the Fed’s Balance Sheet (which is contracting) and the balance sheets of the ECB and BOJ (expanding rapidly).

 

Again, there are many factors across many durations to consider here, but if I could only pick 3 charts that explain why stock market perma-bulls (who are now begging, again, for US Dollar Devaluation) are wrong being long “reflation”, this would be one of them."

CHART OF THE DAY: A Quick Look At The (Massive) Fed, ECB & BOJ Balance Sheets - 02.03.16 Chart