Below is a brief excerpt from this morning's Early Look market newsletter written by Hedgeye CEO Keith McCullough. There's a lot more meat on the bone inside the actual note. If you'd like to begin your day ahead of the pack, you should sign up to receive the Early Look today.
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With US Equity Futures down this morning we’re all of a sudden in the middle of an epic 1-week “correction” in US stocks, that has the SP500 down -0.6% from its all-time-closing-high. Yeah, it’s getting gnarly out there. If you add the implied pre-market correction to yesterday’s closing price, the SP500 is going to be down over 1 full percentage point from a price we’ve never seen before! Since I’m more sarcastic than I am funny, I’m not going to tell you any jokes about this correction this morning. I’m just going to tell you what I’ve been telling you to do for the last 12 months: that you should buy the damn dip. |
