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

It also happened within the lens of a trifecta of #Quad2 in Q4 all-time closing highs with SPY, NASDAQ, and the Russell 2000 doing the all-time thing on the same day. All-time remains a long time.

What else happened yesterday? Why the 61st all-time high for SPY of 2021?

A) It “felt” like stocks should go up (because I’m still long Ford)
B) US Auto Sales for OCT #accelerated +6.6% sequentially from their “supply chain bottleneck” lows of SEP
C) SP500 Earnings #accelerated to +40.0% year-over-year growth (after starting Q3 reporting at +20-30%)

CHART OF THE DAY: US Auto Sales In #Quad2  - au1