Consensus has been telling you over and over again that our top Q3 Macro Theme #RatesRising is going to kill the US stock market for about 9 months now. Well, it's certainly killing bonds, Emerging Markets, and slow-growth, high yielding, stocks maybe, but not US growth stocks.
That style factor is why the Nasdaq and Russell 2000 outperformed the Dow again last week. It's 2.82% on the 10-year now with no resistance to 2.95%. This Hedgeye Q3 Macro Theme remains firmly intact.