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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: Beijing Needs a Bigger Boat! - zha

The Chinese have been going dovish at an accelerating rate since NOV-DEC… and they’re reiterating all of their cowbell again this morning. But what has all of this stimulus achieved? Nothing. China continues to slow into steepening base effects. 

Btw, why do you think they’re stimulating at a faster rate?

A) Because growth has stabilized?
B) Because they think a trade deal is pending?
C) Because they’re slowing at a faster rate? 

Alex, I’ll take C) for 2 & 20.

CHART OF THE DAY: Beijing Needs a Bigger Boat! - Chart of the Day