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

Back to what’s driving SPY, REITS, etc. to all-time highs – it’s largely the #Quad2 and #Quad3 data:

A) EARNINGS: 178 of the SP500’s companies have reported an aggregate #acceleration in y/y EPS of +107%
B) CONFIDENCE: Consumer Confidence #accelerated to a new Cycle High of 129.1 in JUL vs. 127.3 in JUN
C) HOME PRICE INFLATION (HPI): just #accelerated to an epic new Cycle & All-Time High of +18.0% y/y growth!

Yes, Grover, I used the word epic. Look at the Chart of The Day, bro. “Epic” is a word, so A) I can use it when I want to and, more importantly, B) it is understating that key component of inflation.

Put those ABC’s together and what do you have?

You have American Capitalists making more money (Earnings) than they EVER have with their Cycle High Confidence being driven by some of their largest assets (their homes and equity portfolios) ripping to all-time highs.

CHART OF THE DAY: HPI To New ATH! - 7 28 2021 7 18 13 AM