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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 about the Early Look.

CHART OF THE DAY: More Fed Cowbell! - zs3

We’ve often used the "More Cowbell" instructions by Christopher Walken to Will Farrell as a metaphor for what perma bulls in Old Wall Media need from the Fed whenever the economy slows and the stock market falls. 

They sure got what they were begging Powell for yesterday. Gold and Treasury bulls @Hedgeye did too!

...And I have to admit that, even though he figured out our Quad 4 in Q4 call on a 4 month delay, Jerome Powell actually did what our GIP model proactively predicted he should, going dovish in a hurry post that Dovish December Hike

While perma stock market bulls will be as happy as this current Gold and REITS (VNQ) bull is in his P.A. (personal account), the problem, from here, is that...

CHART OF THE DAY: More Fed Cowbell! - Chart of the Day