One Thing Working In This Dog Breath Market

Takeaway: Got commodity exposure?

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.

One Thing Working In This Dog Breath Market - comm

The CRB Index is now up +1.4% year-to-date versus Consumer Discretionary (XLY) which has been pummeled -8.7%.

One Thing Working In This Dog Breath Market - XLYCRB 

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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