So what exactly changed following Trump's Election Day win?
Everything.
Investor sentiment has shifted dramatically, writes Hedgeye CEO Keith McCullough in this morning's Early Look. "Looking back at the score (so far), there’s towering evidence that this #TrumpTrade is real," McCullough writes. U.S. economic data, from Consumer Confidence to Retail sales, is accelerating. That's pushed the S&P 500 up 7 of the last 8 days.
Here's the market scorecard since Election Day from what we call our Trump Tracker (performance since November 8, 2016):
- Russell 2000 Value: +18.1%
- Financials (XLF): +18.0%
- Steel: +17.5%
- Russell 2000: +14.9%
- Aluminum: +13.7%
- Diversified Metals and Miners: +13.6%
- Russell Growth: +11.6%
- Industrials (XLI): +9.4%
- Construction Materials: +9.1%
- Materials (XLB): +8.3%
(***For more, see the Chart of the Day below and check out previous Trump Tracker updates here and here.)
The #TrumpTrade is real.
