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

Much like what you’re seeing in US “stahks” (where performance dispersion continues to widen at the Sector and Factor level), that’s ALWAYS the story with #LateCycle “Credit.” While widening from the “tights”, certain credit spreads get a lot wider, faster.

Even for the poor Old Wall people who only do CNBC “stahks”, #Quad4 in Q3 is readily apparent at the US Sector Style level:

CHART OF THE DAY: Continua #Quad4 - Chart of the Day