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

If we’ve learned anything in May and December, it’s that you don’t need a “recession” to lose a lot of money in stocks and credit. #Quad4 = risk off, period. With the least amount of fund managers positioning for a summertime swoon, we’ll detail why we still think the right play was to have “sold in May and gone away”… with the intention of buying back #Quad3 exposures later in the year.

CHART OF THE DAY: You Don't Need A Recession To Lose Half Your Money - Chart of the Day 6 26 19

CHART OF THE DAY: You Don't Need A Recession To Lose Half Your Money - early look