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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.

"... Looking at last week’s futures & options (CFTC) positioning, the Beta Chase is not an exaggeration: 

  1. SP500 (Index + E-mini) net LONG position increased by +94,526 contracts to +154,099 contracts
  2. The 6-month and 1-year average net positions are net SHORT averages of -54,383 and -100,426 contracts
  3. The current net LONG position registers a z-score of +2.37x (that’s the biggest in all of Global Macro)"

CHART OF THE DAY: The Beta Chase Is On! - 07.25.16 chart