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:
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.