Editor's Note: Below is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to get it.
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Well, with Dollar Up + #ChinaSlowing… Mr. Market says don’t be long EM Asia (Philippines)! While we’re well aware that the newest of our Top 3 Macro Themes (US Dollar Bottoming?) is new… Much like our calls on both #EuropeSlowing and #GlobalDivergences… when we introduced those themes 6 and 3 months ago, respectively, we were “early” on proactively preparing you for those risks too. As the US Dollar has made 3 consecutive higher-lows since FEB, EM Equities have made lower-highs. We moved to “Underweight EM” in Q1 of 2018 as well. |
