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: Nope. Not Dovish Enough - zdove

Back to the #StrongDollar thing post PE Powell being Not Dovish Enough

  1. The US Dollar has its ONLY POSITIVE EXPECTED VALUE when the US economy is in Quad 4
  2. PE Powell’s ramblings about “mid-cycle adjustments” make ZERO PERCENT sense in Quad 4
  3. AFTER Powell sees the Quad 4 data, he’ll call it “Late Cycle” 

And… drumroll… the 2 Federal Reserve Committee Voters who voted AGAINST 1 rate cut are going to be voting for multiple 50 basis point cuts if A) our Quad 4 nowcast (which is set to hit, right on the screws, between now and OCT) proves to be accurate and/or B) SPY drops 10%. 

CHART OF THE DAY: Nope. Not Dovish Enough - Chart of the Day