Takeaway: Please note we are removing McDonald's from Investing Ideas (long side) today.

"On both an absolute and relative basis, I’ve been lovin’ it on the long side of Restaurants analyst Howard Penney's bullish MCD call," Hedgeye CEO Keith McCullough writes today. "Now though, with US Equity Beta becoming more obviously at risk, I want to take a break," he added. "I’d rather come back to the story after this summer’s volatility has played out in full. This Q2 earnings season is going to be ugly."

We added McDonald's to the long side of Investing Ideas on August 11, 2015. Penney wrote then, "2015 will be the last time this stock is below $100."

Since then McD is up +20% vs. down -1% for the S&P 500.

MCD: We Are Removing McDonald's From Investing Ideas - mcd chart 6 29