Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
But let’s give the all-time SPY high what Larry loves (and give it its due!) - on a -13% deceleration in Total US Equity Volume day (vs. the 1-month) average, the SP500 was +0.9% last week with:A) Healthcare (XLV +2.5%), Utilities (XLU +1.8%), and REITS (VNQ +1.7%) leading last week’s charge vs.
B) LEVERAGE, HIGH BETA, and SMALL CAP US Equity Factor Exposures all down -0.1-0.2% on the week
That’s right, the SMALL CAP bench (Russell 2000) that not as many PMs have to chase into “year-end” was actually down -0.2% last week, taking its loss (from The US Cycle peak in Q3 of 2018) to -8.3%.