Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Let’s start with what was potentially a capitulatory move in the Global Currency market:
Do the Chinese understand that one of the ways to tone down their nasty #Quad3 Stagflation is to have a stronger currency that supports the purchasing power of The People?
Do the “charts” people who chased USD on Thursday know that Long USD is the most consensus net LONG position in Macro next to Long Cotton (CFTC futures & options positioning)? Who knows what our competition really knows.
If we’re still competing with people who haven’t been long Commodities, as an Asset Class, that’s pretty easy to win against.