Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
Those Full Investing Cycle returns are pounding any “mid cycle” narrative and/or the results associated with being long “defensives” with the SP500 ramping to within 1.4% of her all-time closing highs and Staples and Utes lagging, big time. While the Full Investing Cycle Returns for Commodities include Cycle Time when in either #Quad3 (in Q3) or #Quad2 (in Q4), we should be looking at 1-month Returns when scoring the Phase Transition that is only 1-month old into #Quad2:
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