Below is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough which accompanies the chart above.
"On both a relative and absolute basis, last week was another great one for US Growth Stocks. Friday’s 6435 close #timestamped yet another all-time high for the Nasdaq! ... For now, given that USA’s ISM report came in at a 76-month high (condolences to our competition), it’s crystal clear that the long-end of the US Treasury market is still anchoring on Reflation’s Rollover rather than the #GrowthAccelerating data.