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

CHART OF THE DAY: Impressive Performance Chase - 09.10.2018 slowing data cartoon

The annual growth rate of Bank Loans – the most relevant metric to track – slowed to a near 15 year low.

As you can see in today’s Chart of The Day, that’s not as low as the ALL-TIME low in net short positioning in the VIX (non-commercial CFTC Futures & Options showing a net SHORT position of -203,598), but relative to market positioning that’s still pretty low!

But you’re saying there’s a chance on a Chinese “recovery” from obvious secular slowing, eh? Or do you have friends in the business who are just hoping an ISM chart stops going down for one more month before year-end?

With my own hard earned moneys and personal accounts, hope is not a risk management process. It wasn’t at the end of 2007 when PMs were forced to chase stocks and it certainly isn’t now.

CHART OF THE DAY: Impressive Performance Chase - Chart of the Day