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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: Recession? (Not Yet) - zzred

With the UST 10yr Yield selling off to 2.95% this morning, the Yield Curve has compressed to YTD lows. Some parts of the curve are inverted this morning. The critical 10s/2s Yield Spread (10yr Yield minus 2yr) has compressed to +13 basis points wide. 

Omg. Omg. Is it going to be a recession? No, not yet.

It’s going to be Quad 4 in both Q4 and Q1 though, so your Asset Allocation, Sector, and Factor Exposures shouldn’t change one bit. You’re already in the field that has the alpha. 

CHART OF THE DAY: Recession? (Not Yet) - 12.04.18 EL Chart