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

That’s about as mixed a message I can get from the FX market on whether or not the US economy is heading into what we call a “deep” or a straight #Quad3. If it’s Deep #Quad3 in Q3, the US Dollar isn’t a short, fyi, so I’ll watch that closely.

That’s the thing about watching EVERYTHING in Global Macro, both patiently and particularly. These aren’t like 10 or 50-day Moving Monkey charts. These are multi-factor and multi-duration signals that generally take time to manifest.

An important example of a big asset class I’d like to buy for #Quad3 in Q3 is Commodities. Patience paid on that front last week because an Up Dollar deflated them, again – that’s been the intermediate-term @Hedgeye TREND

CHART OF THE DAY: What Type Of #Quad3? - 155