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

Since the #Bitcoin “maximalists” (code for max long with no risk management of gross or net exposure) have reincarnated ye Olde Wall’s 1929 “buy and hold” marketing pitch with nasty and nameless hornets, I’ll salute them this morning with:

= immediate-term upside in the @Hedgeye Risk Range to $13,637 Bitcoin, in devalued US Dollars.

What’s extra-special about yesterday’s pre-election freak-out is the timing vis a vis Mr. Softie (MSFT) reporting his quarterly report today. Is it going to be what it better be to have had the NASDAQ at an all-time high at the end of AUG?

Or is it going to be like what our #Quad4 in Germany did to SAP yesterday?

To be crystal clear, if one of the most widely owned stocks in human history (MSFT) is down -20-23% on the print (like SAP was), fear was appropriately “priced” yesterday. Lol

CHART OF THE DAY: Bitcoin Stat Sheet - CoD BTC