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

While I’m an Irish-Canadian-Catholic (please don’t cancel) and I pray 2x/day (I have 4 kids, you would too), my religious belief-system has 0% to do with my Full Cycle Investing decisions.

What I believe is based on back-tested economic and market history. 

Put simply, The ROC (rate of change) NUMBERS front-run the future NARRATIVES of Ye Olde Wall and its conflict of interest and fire-engine chasing media (no offense to firefighters – my Dad was one for 38 years, so my belief-system says they are cool). 

CHART OF THE DAY: Numbers --> Narratives - 19