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

As long as we don’t have any more of these calamitous -0.8% corrections in SPY (to -1.5% from its all-time high) every week, the “wealth affect” should be able to offset the falling purchasing power of The People, no?

Leading last week’s US stock market “correction” (on the downside) were 2 major Asset Allocations that you should be buying the damn dip in again this morning:

A) Energy Stocks (XLE) corrected -7.5% last week to +25.7% in the last 3 months
B) SMALL CAPs (Russell 2000) corrected -2.8% last week to +16.1% in the last 3 months

Unless you’re long some or all of the aforementioned Commodities, you aren’t going to find TRENDING (i.e. 3-months or more in duration) returns of +16.1-25.7% in many places other than in Bitcoin (which is +155% in the last 3 months).

CHART OF THE DAY: The Most Terrifying -1.5% Drawdown From ATH - Chart of the Day