So... U.S. stocks got gored yesterday (biggest 9-day decline since 11/11 for the Russell 2000 which was drubbed -7.4%).
But wouldn't you know… The CRB Commodities Index went UP.
The CRB Index is now up +1.4% year-to-date versus Consumer Discretionary (XLY) which has been pummeled -8.7%.
If you're still wondering... yes we stand by our #InflationAccelerating Q1 Macro Theme. It's non-consensus and it's working. Hedgeye CEO Keith McCullough has been discussing this important development with top subscribers for some time now.
Everything that happens in Macro happens on the margin.
It’s no different this time.
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