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

Those weekly returns rhyme with the #PeakCycle inflation tune that Mr. Market has been playing for the last month. Long REITS and Utes (XLU) are both up +3.9% in the last month vs. Energy Stocks (XLE) and the NASDAQ which are down -3.3% and -0.5% in the last month, respectively. 

While I’m sure you’ll read some super cool Macro Tourist stories about “trade wars easing” this morning… and, heck, maybe Elon showing us the money! … none of that had anything to do with our calls on growth or inflation for the last 9-12 months anyway. 

CHART OF THE DAY: Our #PeakCycle Inflation Call - 08.20.18 EL Chart

CHART OF THE DAY: Our #PeakCycle Inflation Call - early look