Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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If The Machine read the market’s “spin rate” as a #Quad2 Seamer Fastball (when both real growth and inflation are accelerating at the same time), Real Yields would be spiking … and Gold would be collapsing. #Quad3 Stagflation (back to back quarters of it) is more like a nasty Trevor Bauer slider. Good luck to Captain Home Run Stock Picker (who thinks it’s a heater right down the middle to “buy stocks”) in hitting that! Alongside being LONG certain major Currencies (including Gold) and Commodities, what other Global Asset Allocations make sense with the USA in back to back quarters of #Quad3? |
