Editor's Note: Below is a brief excerpt and chart from today's Early Look written by CEO Keith McCullough. Click here to learn more about the Early Look.
While the CRB Commodities Index (19 commodities) bounced +1.8% with the USD down last week, it’s only +0.1% YTD and remains Bearish TREND. I get the Quad 2 reasoning for the bounce. The data supported that bounce and the bounce in the UST 10yr Yield. In Quad 4 (our Q4 2018 forecast) though, long inflation expectations (Commodities) and short Treasuries (biggest net SHORT position currently in all of macro), is not where we want to be. |