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 Below is a chart and brief excerpts from today's Early Look written by Hedgeye CEO Keith McCullough.

CHART OF THE DAY: Not All Dollar Down Reflation Is Equal - fed fumbling

Oh, and btw, we still think the Fed isn’t Dovish Enough … and will have to move to Phase 4 of money printing in 2020!

Why else would I be:

A) Shorting more US Dollars on the bounce this morning … and
B) Buying more Commodity Exposure in terms of both Commodities and their respective “Stocks!”

As you can see in today’s Chart of The Day, this is precisely what you should be doing when the Fed goes for cuts #4 and beyond! That’s when even the Fed economists realize that the “bottom” isn’t yet in.

Now some people think that any and every cyclical slow-down (trade or real wars, for example) and/or #InflationAccelerating spike means that the US economy has bottomed and is b-lining straight into #Quad2.

CHART OF THE DAY: Not All Dollar Down Reflation Is Equal - Chart of the Day