Editor's Note: The excerpt and chart below are from today's Early Look written by Hedgeye CEO Keith McCullough. If you're interested in getting a step ahead of consensus every morning you can subscribe here.
...I personally love making macro market calls – because, eventually, all of the Big Macro Themes find themselves implied in style factors that many quants have to chase anyway.
Put another way, Macro Phase Transitions (think points of market entropy, waterfalls, and yes, breaking the 50-day moving monkey) are where most of the non-linearity lives. They sometimes happen slowly, then all at once.