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CHART OF THE DAY: Reflation's Rollover - EL CHAT 05.30.17 EL Chart

Excerpt from this morning's Early Look:

 

It’s always critical to measure and map what stocks are doing within the backdrop of FX, Commodities, Rates, etc. obviously.

 

The simple takeaway = #Reflation’s Rollover. That’s partly why the USD has weakened. It’s definitely why bond yields have traded side-ways to down on the long-end of the curve. And it’s why our 0% asset allocation to Commodities has been right.

 

What happens when the inflation component of bond yield and FX expectations fall? Well, “reflation” stocks underperform real-growth expectations stocks. And we saw that (again) last week too.