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

The NASDAQ makes all-time highs, daily, and China’s Shanghai Comp is +16.7% in a month. Both continue to signal Bullish TREND @Hedgeye. There is no reason to leave that part of the party, until the party ends!

Make no mistake, when it ends, it will end, abruptly. Do I have a process to measure and map that “risk off” timing? Yes. Will I nail making the turn? I don’t know. My only certainty is that the crowd won’t.

Here’s how I think about it:

A) POSITIVE MOMENTUM (as a Factor Exposure) is getting more positive, daily, on the 2 aforementioned indexes
B) NEGATIVE MOMENTUM (US Dollar, Russell 200, US Financials are 3 of the biggest ones that I’m short)
C) Eventually my Risk Range #process is going to signal a lower-high in A) as the bottom falls out in B)

CHART OF THE DAY: Who Is Really Safe? - Chart of the Day