Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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On job losses yesterday, here’s what we (and Gold) saw: A) 4.4 MILLION Jobless Claims taking CONTINUING CLAIMS to 16 MILLION (which is an all-time high by more than 2x the prior) As such, we expect to see three-quarters or more of this week's 4.4 million initial claims show up in next week's continuing claims number, pushing that figure to 19+ MILLION, or nearly 3x the previous high seen during the financial crisis in 2008. So, instead of listening to whoever on Old Wall TV talk about some letter of the alphabet “recovery” when they didn’t call either The Cycle that peaked back at the end of Q3 of 2018 OR the causal factor that #accelerated the Global economy into Deep #Quad4 in late JAN… Just listen to the market. Ex a narrowing range of US “stahks”, the cross asset class macro message is crystal clear. |
