Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
What would really be a good joke is if I started making #FullCycle Asset Allocation “calls” based on economic reports like:
A) This morning’s headline CPI … and/or
Never mind the fact that CPI and ISM are the 25th and 23rd ranked features (out of 30) in our proprietary GIP Nowcast Model. If I was silly enough to go all-narrative on you on either the ISM or ISM Services report in April, I’d have been dead wrong.
For those of you who haven’t counted the beans every morning in your own house, that’s what I do:
A) ISM re-accelerated in MAY vs. APR… and, more importantly (because it’s the 15th ranked feature in the GIP model)…
Macro Tourists must be joking if they’re going to sell the 4 Horsies (Financials, Materials, Energy, and Industrials) on a “less than expected CPI” number this morning, eh?