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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.

"... What’s next?

 

The #1 reason why you won’t see me chase US Equity Beta this week is that our #1 Q3 Macro Theme is the #ProfitCycle slowing faster than Consensus Macro thinks. That starts Thursday when JP Morgan (JPM) reports Earnings."

 

CHART OF THE DAY: Here's Why You Shouldn't Chase All-Time Highs In US Equity Beta - 07.11.16 EL Chart