[COMPLIMENTARY] Top 3 Things | Curve / FX / Commodities

Remembering the days in 2008 when SPY would move “off the lows” (low-end of my range) like that = #fun…

1. CURVE – don’t tell anyone who is clicking on the latest Macro Tourist headlines of the day… but the UST Yield Curve just crashed to a bone-chilling MINUS -52 on 10s/2s – that’s a new LOW for the Cycle and one the biggest signals that we’re right on this #Quad4 Recession that will last well into next year – Shorting Financials (XLF) again
2. FX – big intraday whip on a big bs rumor about the BOE panicking (again) helped drive yesterday’s DOWN DOLLAR (up GBP/USD), UP STOCKS move – but that’s over (GBP/USD Is -0.6% after failing @Hedgeye TRADE resistance) and Gold currently has the worst immediate-term TRADE correlation to USD at -0.82
3. COMMODITIES – I don’t know (or care) “why”, but both the CRB Index and Oil just signaled A) a BIG higher-low in my Risk Ranges and B) immediate-term TRADE breakouts. This sets up nasty for Q4 economically because we get more of a STAGFLATING #Quad4 that will keep Powell as hawked up as ever (we’re long Corn, Wheat, and GRU too)

Immediate-term @Hedgeye Risk Ranges: SP500 = 3; UST 10yr Yield = 3.63-4.05%

KM