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

Long USA (FX, Equities, Credit) vs. the rest of the world’s Quad 3 and Quad 4 #GrowthSlowing problems saw a notable shift with respect to the componentry underlying US Equity outperformance last week – the Bond Proxies led the charge!

  1. REITS (VNQ) were up a big +3.2% last week moving into the black at +0.1% YTD = Bullish TREND @Hedgeye
  2. Utilities (XLU) were up +1.3% last week moving into the black at +1.2% YTD = Bullish TREND @Hedgeye

CHART OF THE DAY: An Important Shift Within U.S. Equities - 08.06.18 EL Chart

CHART OF THE DAY: An Important Shift Within U.S. Equities - early look