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

You know that the SP500 still has a consensus net SHORT position of -24,440 futures & options contracts, right?

You also know that in the last 3 years (i.e. when The Cycle’s ROC was #accelerating to a new Cycle High in Q3 of 2018) that there was a bubbly net LONG position in SPY of +247,179 contracts, right?

Maybe you did, maybe you didn’t. But I’ll wall street bet you $1M of my own Burning Bucks that 90% of people don’t.

CHART OF THE DAY: Don't Do This In #Quad2 - Chart of the Day