Editor's Note: This is a brief excerpt and chart from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. If you like being ahead of consensus we encourage you to become a subscriber.
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...Alongside some 2015 US equity bears capitulating to the upside yesterday (after getting bearish in January, covering your shorts at the all-time high isn’t a good #timestamp), Mr. Macro Market delivered that very message for us all to consider:
- Biotech (IBB) -4.2%, on the day!
- Housing (ITB) -1.3%
- Silver and Gold +4.5% and +2.4%, respectively
This had me asking myself if what’s been a solid run being long stocks into the Fed meeting has all been priced in?