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

With US Equity Beta (SPY) down another -15% last week (crashing -32% in the last month), as you can see in today’s Chart of The Day, those Factor Exposures were down -21-23% last week and –44-50% in the last month!

Meanwhile, High Yield OAS Spread widened way out to +1,013 basis points over last week. Whoever wants to buy that super #LateCycle exposure because Mnuchin is going to write “big checks” can be my guest. I’ll happily short more Junk and Levered Loans on that lunch-time bid, if I get it.

CHART OF THE DAY: How #TheMachine Handles Factor Exposures - Chart of the Day