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

What’s also interesting (but not at all surprising) about “defensive” Sector Styles we don’t like, is that their absolute and relative Earnings Growth Rates are outright awful vs. the SP500 in the aggregate:

A) Consumer Staples: 20 of 32 SP500 companies have reported aggregate year-over-year EPS growth of +3.6%
B) Utilities: 6 of 28 SP500 companies have reported an aggregate year-over-year EPS DECLINE of -2.0%

So, even if your #process wasn’t The Signal & Quads, bottom-up you shouldn’t have been long these ROC (rate of change) US Equity Sector Earnings slowdowns.

CHART OF THE DAY: US Equity Sector Earnings Slowdowns - 11 2 2021 7 03 42 AM