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

Now The Game gets more complex. For a long time, Global #Quad1 and #Quad2 made masterminds out of people who should stick to pizza reviews. Now we have multiple crosswinds to navigate in #Quad3s and #Quad4s:

  1. China – they hated admitting it, but #ChinaSlowing was their #Quad3 Stagflation reality in Q2
  2. Spain – they hated getting pounded again this morning, but Spanish Stocks (EWP) are -7% in a month
  3. Japan – I did not hate on that alarm clock - that sucker is signaling #Quad4 in Nikkei and JGB terms

There you go. Just like that. The Game changes slowly, then all at once. Just like we kept telling you it would WITHOUT having the arrogance to tell you precisely WHEN it would.

Risk happens as it is happening.

In addition to Short China, Spain, and Japan, I am actively shorting Hong Kong (EWH) and New Zealand (ENZL). All of our power users who are paying attention to the moves I make know that. Japan is the only thing that is new this morning.

CHART OF THE DAY: The Quads Are Global - 7 15 2021 7 50 35 AM