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

“But, but… when do you pivot out of #Quad2?”

Well, the first part of the answer are 3 words that seem to be in as little supply as patience these days: I don’t know.

The rest of the answer plays out in real-time markets every single day. Like bottoms, both Cycle and market tops are processes, not “valuation” or “probability” talking points.

Looking back, yesterday’s market answer is the only correct answer. The last price always is.

When both the SP500 (SPY) and High Yield (HYG) close at their all-time highs on the same day, there’s no debate that being positioned for any other Quad than #Quad2 would have been dead wrong.

There have been 14 all-time closing highs for SPY during #Quad2 in Q2. Since we made the #Quad2 Full Cycle Investing pivot back in November, I’ve often said that I didn’t know when it would get fully priced in.

CHART OF THE DAY: #QUAD2 In Q2 Growth Did Not Disappoint  - 6 25 2021 8 21 31 AM