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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: Did Wall Street Jump The Gun On Quad 2? - race 801940 1280

We’ll be buying the damn dips in certain European Equity markets on our marginal #Quad2 nowcast, but that’s not our “highest conviction” idea. It’s just a better idea than chasing the idea that Chinese Industrial and Secondary Industry demand/growth has “bottomed.”

Our highest conviction position is that US and Chinese #InflationAccelerating are going to continue to perpetuate #Quad3 Stagflationary economic conditions which should continue to pressure corporate profit margins.

CHART OF THE DAY: Did Wall Street Jump The Gun On Quad 2? - Has Wall Street Gotten Ahead Of Itself Pricing In A Quad 2 Recovery