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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.

"... That’s right. Don’t be afraid of a 1.2% US GDP number ahead of the toughest 2-year comparison of #TheCycle for Real PCE Growth (Q3). Celebrate it, while it lasts! Consensus is now very long of both stocks and bonds on a clean cut #GrowthSlowing GDP TREND."

CHART OF THE DAY: Celebrate 1% GDP While It Lasts - 08.01.16 EL Chart