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Takeaway: With the Fed tightening into a slowdown, stock market declines haven’t been transitory.

UPDATE | Our Best Macro Ideas (And The Nasty Equity Reality) - liquidity trap cartoon 01.25.2016

For those of you keeping score, here's the year-to-date breakdown of S&P 500 sector performance:

Not pretty.

Making matters worse for long-only perma-bulls, volume has been lackluster (at best) on up days and rips on the down days.

 

This doesn't bode well for anyone who's doubled-down on Old Wall "wisdom" of buying the dip as equities went down, down, down.

Our subscribers? They're doing just fine.

People invested in the truth see our calls for what they are.

Here's a snippet from a note Keith sent to subscribers this morning. 

"... Our Top 3 Long Ideas in Macro right now remain: USD, Utilities (XLU), and The Long Bond – 10yr in the US about to break the 2.00% yield level again as German and Japanese 10s chase to lower-lows of 0.42% and 0.21%, respectively."

 

Incidentally, XLU is crushing it year-to-date (up +1.3%) compared to the S&P 500 (down -7.7%). Check out sector performance in the chart above ... the sole green line ... Yup --> Utilities.

Checking in on U.S. Treasuries. After today's Durable Goods bomb, the 10-year broke 2%. A nice call from McCullough earlier this morning.

Stick with accountable and transparent 2.0 sources. Stick with us. We're the only Wall Street firm to nail this #GrowthSlowing data. We're just getting started.