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Editor's Note: Below is an excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to get it.

Like tops, bottoms are processes, not points. That’s why we measure and map price, volume, and volatility daily, weekly, and deliberately. Mathematically speaking, bottoming processes are formed by a series of higher-lows. 

That’s why the “breakout in the US Dollar” that Old Wall technicians have been talking about for the last few trading days (it got above their 50-day Moving Monkey) wasn’t something we didn’t proactively prepare you for. 

Our US Dollar #Bottoming call was made at the start of April (see Q2 Macro Themes deck for details). When the probability of something Wall Street considers improbable is rising, that’s when we step up to the plate...

...As you can see in today’s Chart of The Day (our US Dollar vs. GIP Model back-test) it’s consistent with economic and market history that when the entire world is in #GrowthAccelerating mode (Quad 1 or 2), the US Dollar’s expected value falls. 

CHART OF THE DAY: Our US Dollar Bottoming Call - CoD USDGIP Backtest