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Takeaway: Red remains the primary color in U.S. equity markets.

REALITY CHECK: A Quick 2016 Scorecard For Permabulls - bull drinking 01.08.2016

Here's a quick look at the year-to-date market scorecard for all the chest-pumping permabulls calling a bottom last week.

For the record, the only sector that we've liked all year on the equity side continues to work out:

Utilities (XLU)

Here's why, from a note Hedgeye CEO Keith McCullough sent to subscribers this morning: 

"From a S&P Sector Style perspective, the Best Idea in our Q1 Macro Themes deck remains playing our rates call via long Utilities (XLU +0.4% yest to +6.4% YTD) and short Financials (XLF -2.8% yest to -11.8% YTD)"

 

More confirmation of our XLU long call today. In a tough tape for the equity markets today, it's the only sector (other than Materials) that's up. XLU is +1.2% versus S&P 500 down -1.2%.

Oh and did we mention that we're predicting a 20% or more stock market correction?

 

Stick with us. We're just getting started.