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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.

"... Not that we like to #timestamp and hold ourselves to account on our big macro themes calls or anything, but in our Macro Themes Deck (see Chart of The Day) we make our best ideas, across durations, very clear. Here are our Best TREND Shorts:

  1. Financials (XLF)
  2. Retail (XRT)
  3. Russell 2000 (IWM)
  4. SP500 (SPY)
  5. Spain (EWP)"

CHART OF THE DAY: A Sneak Peek At Our Big Macro Themes Calls - 05.12.16 EL Chart