05/13/15 08:15 AM EDT

CHART OF THE DAY: What Matters In Global Macro (Occurs On The Margin)

Editor's Note: The chart and excerpt below are from today's Morning Newsletter written by Hedgeye CEO Keith McCullough. For information on how you can subscribe click here.

While our #process is easier to understand by using today’s Chart of The Day (a sine curve), let me just make this macro Risk Manager point one more time in plain english:

When #LateCycle macro indicators go from good to less good, that’s bad
When #EarlyCycle macro indicators go from bad to less bad, that’s good

CHART OF THE DAY: What Matters In Global Macro (Occurs On The Margin)

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