Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.
"... If you’re long things that are crushing it when growth slows (and bond yields fall), congrats:
- Utilities (XLU) added another +1.0% absolute return last week taking them to +16.8% YTD
- Gold rose another +2.8% last week to +20.2% YTD
On the other side of that, classic #LateCycle consumption Sector Styles in the USA lagged:
- Financials (XLF) lost another -1.5% on the week to -2.8% YTD
- Consumer Discretionary (XLY) fell back into the red last week, closing -0.8% to -0.8% YTD"