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

10YR – biggest loser last night was whoever bet on A) rising interest rates and B) a steepening yield curve – UST 10yr Yield buried in the backfield for a -12 basis point loss and the curve compresses in kind after UST 10yr Yield went literally right to where it plugged people on June 8th – for now, it’s #Quad3 in the USA, not #Quad2

Nope, no political “feelings”, themes, or views required to execute in this morning’s Global Macro OODA Loops – Observe, Orient, Decide, and Act – that’s what we do.

CHART OF THE DAY: Don't Invest With "Feel" - Chart of the Day