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

What’s the latest (factual) data on ABC?

A) ISM Services (in our GDP nowcast) #accelerated to 58.7 in JAN vs. 57.7 in DEC
B) The CRB Commodities Index, Oil, and Corn are inflating to fresh new Cycle Highs this AM
C) Aggregate SP500 Earnings have #accelerated to +5.5% year-over-year growth this AM

What if GOOGL’s Pod 1 Revenue Growth didn’t #accelerate to +45% year-over-year growth? A: whoever “de-grossed” their position in the name at last week’s #oversold US stock market lows would have looked like a bloody genius.

I get it, they’re all “smart.” Certainly on paper, most of them are a lot smarter than me. Those are facts too. My lowest SAT score @Yale was #timestamped!

But what about Street Smarts? Last I checked you don’t get to charge a premium asset management fee for having counterfactual returns and monthly drawdowns that make the one Gold is having look like alpha generation.

CHART OF THE DAY: ISM Headlines vs. New Orders  - ISM Services PMI   Headline vs. New Orders