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Editor's Note: This is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

CHART OF THE DAY: There's Always Something to Short - zr

...Although I’m not allowed to give personal advice on how to “size” your short book, that’s how I’d have mine sized this morning (JNK the biggest to ROL the smallest). 

While I tend to have no “valuation” bias, this short book has some super “expensive” stocks. NFLX, HQY, and ROL trade at 131x, 60x, and 54x trailing 12-month earnings. 

Other than what happened last time when US Equities traded on Quad 4 in Q4, what could possibly go wrong with non-cheap stocks that don’t do well in Quad 4 anyway? Ride short-selling cowboys, ride! 

CHART OF THE DAY: There's Always Something to Short - Chart of the Day