Editor's Note: Below is a complimentary "Top 3 Things" note from Hedgeye CEO Keith McCullough. Institutional investors receive this between 6:30-7am. To get on Keith's institutional distribution list email .

Nice to see the 0DTE Game goes both ways … > 484,000 FEB8 SPY 410 Puts traded yesterday and they pinned it there after 3PM…

  1. CHINA another positive #divergence for China and Hong Kong (up big after a big down session in the USA) with both the Shanghai Comp and Hang Seng up +1.2% and 1.6%, respectively, overnight – both KWEB and EWH remain Top 10 Asset Allocations with Hong Kong’s economic data already in #Quad1 for Q1 and China properly entering #Quad1 in Q2
  2. USD – Down Dollar, Down Rates = Up Gold (off the low-end of its Risk Range) and there’s really no big Macro Tourist reason “why” other than USD hit the top-end of its Range (and that’s WHEN things have a central tendency to go down); EUR/USD +0.5% after probing the LOW-end of its Risk Range for a few days too
  3. RATES – the further out you go on The Curve (30yr Yield just failed, again, @Hedgeye TREND resistance of 3.72%), the more obvious the #Quad4 US Recession becomes – Macro Pro subs can see that I was buying Duration via TLT yesterday and it’s actually in my Top 5 (size wise) Asset Allocations for the 1st time in a long time; this as the Yield Curve making NEW CYCLE LOWS at -82 on 10s2s

Immediate-term @Hedgeye Risk Ranges: SP500 = 3; UST 10yr Yield = 3.34-3.68%