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

A “V-shaped recovery” isn’t being “priced in” to the FX market (or the US Dollar would be breaking down), so maybe we should just ignore that and talk about US story “stocks”?

Uh, no. While it gets no air-time from those who have been bullish on Emerging Market “stocks”, we’ll give last week’s continued #StrongDollar Crash of 2020 in EM its due:

A) Emerging Market Stocks (MSCI Index) were down another -2.4% last week to -21.1% YTD   
B) EM Latin America (MSCI) Equities got crushed for a -8.9% loss last week taking their crash to -48.5% YTD

And, if you have friends whose pie-chart Asset Allocation to “stocks” globally, included what were allegedly “cheap” European Equities:

A) EuroStoxx600 was down another -1.2% last week to -21.6% YTD and remains Bearish @Hedgeye TREND since early 2018
B) Spain’s stock market dropped another -3.8% last week taking its crash to -30.7% YTD (Bearish TREND @Hedgeye since 2017)

CHART OF THE DAY: Global Macro = Cross Asset Class, Globally  - CoD Gold vs EM