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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. 

CHART OF THE DAY: Worst ISM Services Since 2010 - el 09.07.16 chart

"...Seriously. That was the worst ISM Services report since 2010 and the largest sequential decline in New Orders (leading indicator) in 104 months and this character at the San Francisco Fed, John Williams, came out intraday saying “the economy is strong” and needs rate hikes.

 

What, precisely, does “the economy is strong” mean? At Hedgeye we deal in real-time and space terms using this thing called the 2nd derivative as a leading indicator for future “levels.” In other words:

 

A)     The economy is either accelerating or

B)      The economy is decelerating

 

It’s not that complicated."