CHART OF THE DAY: Year-To-Date or December-To-Date?

Oh, you have friends who don’t like “December-to-date”? Tell them that there’s this modern day thing in macro called The Machine. And it really likes chasing 1-month price momentum. So January-to-date should see more of this #Quad3 in December-to-date follow through:

1. Industrials (XLI) were DOWN -0.3% last week to -0.7% for December-to-date
2. Financials (XLF) were DOWN -0.1% last week to +1.8% for December-to-date
3. Germany’s DAX was only +0.3% last week to +0.6% for December-to-date

If they don’t want to talk about what’s DOWN (oh yeah, all caps bro) on an absolute or relative basis this December, they probably don’t want to talk about what they had clients crashing in last December.