Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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So, obviously, I haven’t heard or read much from “big names” in macro who were buying “cheap” EM and European Stocks for the last 2 years, never mind 3 months! But US Stocks? Oh baby do I hear quite a bit about those! Tech Stocks (XLK) were +6.6% last week, taking their (really its 2 stocks, AAPL and MSFT, representing 42% of the Sector Exposure) 3-month return to -4.9%. Unless you’re one of the 99% of people I see on Twitter who sold the FEB top in US Stocks and bought the low, the absolute and relative returns associated with being Long US Dollars, Gold, and Treasuries continues to smoke being down -4.9%. Despite the US Equity bounce, the TRENDING Global Macro #Divergences have spooky action when considered at a distance. |
