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

You see, rather than having panic attacks about pre-market moves, we’re most accurate in contextualizing macro market moves within the longer-term cycle. The US Dollar has been Bullish @Hedgeye TREND since Q2 of 2018, don’t forget.

With USD correcting, Commodities had their commensurate Counter @Hedgeye TREND bounce last week:

  1. CRB Commodities Index bounced +3.8% last week, taking their 3-month crash to -25.8%
  2. Oil (WTI) had a big bear market bounce of +12.6% last week, taking its 3-month crash to -37.9%
  3. Copper bounced +2.4% last week, taking its 3-month drawdown to -8.9%

If you’re new to subscribing to Hedgeye, we prefer to not have our entire net wealth “invested”, pro-cyclically, in asset classes that crash 25-40% and/or have frequent 5-10% drawdowns in need of government bailouts.

CHART OF THE DAY: FOMO Is Not An Investing Process - Chart of the Day