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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.

"... As you can see in today’s Chart of The Day (slide 13 in our current Q3 Macro Themes deck), US domestic corporate profits (and margins) put in the mother of all tops in the 2nd half of 2014. And at $60 Oil (never mind $39), we’re not going back there.


Alas, after any long-term #bubble chart like this peaks and rolls, everyone in the Old Wall research department wants to call it “bottoming” (having never called it topping of course). That’s typically the last sucker’s rally."

CHART OF THE DAY: The Mother Of All Tops Is In... Don't Chase The Sucker's Rally - 08.03.16 EL Chart