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 Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

Here are 10 Big Macro things to think about:

  1. Month-end? Yep. That always matters. Winners like US Consumer Discretionary (XLY +5.4% month-to-date) have a central tendency to continue to win while losers like US Industrials (XLI down -2.9% month-to-date) just look like losers.
  2.  Energy Stocks (XLE) were losers in June (down -3.1% month-to-date) but not losers for the quarter. I’ll be making the decision to keep (or not to keep) Energy in my Top 3 Sector Style picks (long side) on our Q318 Macro Themes call next week.
  3.  REITS (VNQ) are green so far in June (up +1.4% for month-to-date) after A) UST 10yr Yield reiterated signaling lower-highs and B) our @Hedgeye TREND signal on VNQ went from Bearish to Bullish in a potentially major Phase Transition. Stay tuned.

CHART OF THE DAY: Winners Tend to Keep Winning - 06.22.18 EL Chart

CHART OF THE DAY: Winners Tend to Keep Winning - market brief