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

Despite the Fed trying to bailout bad decisions that asset allocators made buying super-late-cycle Credit (with US profits going to negative on a year-over-year basis), High Yield OAS Credit Spread continued to WIDEN +21 basis points last week to +942bps over.

And in US Equities, the worst places to have your capital remained HIGH BETA and/or SMALL CAP Factor exposures:

A) HIGH BETA US Equities dropped another -11.0% last week, crashing -42.4% in the last month alone
B) SMALL CAP US Equities dropped another -10.5% last week, crashing -39.7% in the last month alone

*Mean performance of Top Quintile vs. Bottom Quintile, SP500 Companies

That’s right. Write it down. You’d have to be up +67% (from Friday’s close) to get your money back to break-even if you made the terrible Full Investing Cycle mistake of buying “Small Caps” (Russell 2000) from the Triple Cycle Peak in US GDP, Inflation, and Profits!

CHART OF THE DAY: Looking for A Fed Bailout? → More Cowbell Required! - Recovery Required To Break Even With YTD Peak Price