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Editor's Note: Below is a chart (and excerpt) from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Powell's Dovish Coos? Yawn. - zzp

That’s the point. The Old Wall didn’t make the Quad 4 in Q4 call back on SEP 27th… because they don’t even know what the damn quads are! Whereas everything we do and say depends on back-testing it against our own process. 

They may hate me and hate that I moved to Long Treasuries, Short Junk (instead of buying every draw-down in Tech Stocks) when they were mostly all talking up the “risks of rates breaking out to the upside” for the last 2-3 months… 

But economic gravity does not hate. It just doesn’t care. 

CHART OF THE DAY: Powell's Dovish Coos? Yawn. - 11.29.18 EL Chart