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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: Valuation Is Not a Macro Catalyst - z 55

And no, we’re not buying those sectors because someone might call them “cheap” (on the wrong numbers) this morning. “Valuation” is not a macro catalyst. Accelerations and decelerations in both the economic data and our market signals are.

If you had a great 2018, you obviously have an evolved data-driven process and get that. If you’re new to subscribing to our process and haven’t implemented that risk management overlay into what it is that you do, you should. Timing matters.

So let’s start 2019 doing the standard @Hedgeye A/B test:

  1. What’s the economic data doing (in rate of change terms) this morning?
  2. What’s the multi-duration @Hedgeye TRADE, TREND, TAIL signal saying in kind?

CHART OF THE DAY: Valuation Is Not a Macro Catalyst - Chart of the Day