Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Now, if the USD was to breakout from here and the UST 2yr Yield (also in Top 27) were to break-down back to Bearish @Hedgeye TREND, we’d have clearer “bond market” signals that it’s #Quad4 and not #Quad3.
Then, of course, there’s still the high probability of #Quad2 economic data (specifically #Quad2 Earnings Season and pending US Employment reports) that can easily steal Macro Tourist attention away from being epidemiologists.
So, yeah, there’s a lot to think about. There always is. But I don’t get caught up thinking about “variant” and “valuation” centric theories. I go with what is the highest probability according to the market signals themselves.