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Editor's Note: Below is a chart (and excerpt) from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Gong Show In China - zgoo

Last week Global Equities continued to trade like they always do when the world is in Quad 4:

  1. SP500 was down for the 6th week in the last 8 losing -1.6% to +2.3% YTD and remains Bearish @Hedgeye TREND
  2. EuroStoxx600 was down another -2.2% last week to -8.1% YTD and remains Bearish @Hedgeye TREND
  3. EM (MSCI) was down (despite USD down) -0.7% last week to -18.1% YTD and remains Bearish @Hedgeye TREND

While China finally bounced +3.1% to -19.0% YTD on the allegedly wonderful conversations we’re having with the Chinese about resolving the “trade war”…

Mexico (who Trump saved from said “trade war”, remember?) was down another -4.4% last week to -14.3% YTD and remains Bearish @Hedgeye TREND. So are you buying stocks with that as your catalyst, or do you have a process to map The Cycle?

CHART OF THE DAY: Gong Show In China - 11.19.18 EL Chart

CHART OF THE DAY: Gong Show In China - early look