Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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The bond market did virtually nothing (UST 10yr Yield up 1 basis point last week) to confirm what some were hoping for in an investable move for “Value” (with the VIX making another run for 40 this morning, almost every Sector Style remains un-investable). That’s not to say there aren’t opportunities to rent Equity markets for immediate-term @Hedgeye TRADEs. Those are for 3 weeks or less, though, don’t forget. Tourists sometimes mistake TRADEs “off the lows” for new, investable, intermediate-term TRENDs. From a Factor Exposure perspective, all you have to do is look at how things like VALUE, LEVERAGE, and HIGH BETA did on FRI vs. how they did MON-WED of last week. As you can see in today’s Chart of The Day, the TREND (3month returns) for those is a train wreck. |
